State v. Jefferson Finance Co.

The tax collector has sued for license taxes alleged to be due by the defendant for the years 1924, 1925, and 1926, for carrying on the business of discounting and collecting promissory notes secured by chattel mortgages on automobiles. The defendant pleaded, first, that by section 4 of article 10 of the Constitution the company’s business was exempted from license taxation; and, second, that, if the business was subject to such taxation,.it should be classified as that of a bank. The court gave judgment against the company, based upon the amount of the notes discounted during each of the…