State v. Security National Bank
Supreme Court of Minnesota
In August, 1916, defendant bank was cited to appear before the district court for Hennepin county and show cause why it should not pay the sum of $68,816, taxes for the year 1915 upon its personal property which were delinquent and unpaid.
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In August, 1916, defendant bank was cited to appear before the district court for Hennepin county and show cause why it should not pay the sum of $68,816, taxes for the year 1915 upon its personal property which were delinquent and unpaid. The answer set- up that on March 27, 1915, defendant bargained and sold all its assets of every description to the First National Bank of Minneapolis, which on that day were accepted and taken into the exclusive possession of the latter bank; that prior to that sale defendant had fully paid all taxes of every nature levied against it and its stockholders by…
1Opinion of the Court
Taylor, C.
This is a proceeding to collect from the Security National Bank of the city of Minneapolis the amount of a personal property tax upon the shares of its stock. The bank interposed as a defense that it had sold and transferred all its property of every kind and nature and had distributed the proceeds thereof to its shareholders and had gone out of business before the tax accrued. The trial court directed judgment for the amount of the tax and the bank appealed from an order denying á new trial.
The Security National Bank, originally organized as a state bank, was incorporated as a…
2Cases cited5 opinions
- Aberdeen Bank v. Chehalis CountySupreme Court of the United States · 1897
- State v. Lakeside Land Co.Supreme Court of Minnesota · 1898
- Gould v. City of St. PaulSupreme Court of Minnesota · 1913
- State v. BellinSupreme Court of Minnesota · 1900
- State v. Barnesville National BankSupreme Court of Minnesota · 1916
3Cited by7 opinions
- State v. Security National BankSupreme Court of Minnesota · 1919
- Ward County v. BairdNorth Dakota Supreme Court · 1927
- City of Plankinton v. KiefferSouth Dakota Supreme Court · 1945
- State v. ReaSupreme Court of Minnesota · 1933
- Intermountain Agricultural Credit Ass'n v. Payette CountyIdaho Supreme Court · 1934
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