Security National Bank v. Twinde

The facility with which moneys and credits had theretofore escaped taxation led to the adoption in 1918 of an amendment to section 2, art. 11, of the Constitution (see Laws 1917, c. 161), and to the enactment of chapter 109, Laws of 1919, whereby for purposes of taxation moneys and credits were classified and taxed at a different rate than other personal property.

In the five years 1920-1924, inclusive, the capital stock of plaintiff was assessed as personal property other than moneys and credits, and plaintiff paid taxes thereon to the amount of $21,993.34 in excess of what would have been…