United States Trust Co. v. Commonwealth

These are petitions by trust companies organized under the laws of this Commonwealth seeking to recover a part of an excise tax alleged by each petitioner to have been exacted of it illegally.

The United States Trust Company had invested a part of its assets in notes payable to it, secured as collateral by notes payable to other persons, indorsed by the payees to the trust company, the latter notes being secured by mortgages of real estate taxable in this. Commonwealth, assigned to the trust company by assignments duly recorded in the proper registry of deeds. It is provided by G. L. c. 63, §…