People ex rel. Mutual Life Insurance v. Board of Supervisors
New York Supreme Court
APPEAL, by the relators, from a judgment entered at a special term, denying their application for a mandamus. The opinions below contain a full statement of the facts. The following opinion was given, on deciding the motion at the special term: “Mitchell, J. Most, if not all, of our moneyed corporations had formerly a fixed capital, the amount of which was specified in their charter.
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APPEAL, by the relators, from a judgment entered at a special term, denying their application for a mandamus. The opinions below contain a full statement of the facts. The following opinion was given, on deciding the motion at the special term: “Mitchell, J. Most, if not all, of our moneyed corporations had formerly a fixed capital, the amount of which was specified in their charter. When, therefore, the revised statutes in 1830 directed taxation to be on the capital of moneyed corporations, it was this certain fixed capital which was intended, so far as corporations having such capital were…
1Opinion of the Court
By the Court, Roosevelt, J.
This is a claim on the part of one of only two particular mutual life insurance companies, for the law, although seemingly general, applies to no others, to be in effect exempt from taxation. With a fund employed in their business amounting, as appears, to nearly three millions, they claim that by an act of the legislature, passed, we may presume, at their special instance, in June, 1853, they were to be taxed as if their capital was limited to the comparatively insignificant sum of $100,000.
By the act referred to it was provided that any mutual life insurance…
2Cited by2 opinions
- Colonial Life Assurance Co. v. Board of SupervisorsNew York Supreme Court · 1856
- State ex rel. Taylor v. Board of SupervisorsWisconsin Supreme Court · 1885