First Trust Joint Stock Land Bank of Chicago v. City of Dallas

BOND, Chief Justice.

This is a suit brought by the City of Dallas against First Trust Joint Stock Land Bank of Chicago, a successor of the First Trust Joint Stock Land Bank of Dallas, to collect the tax assessed by the city for the year 1926, against the Dallas Bank, as agent of its nonresident stockholders, on shares of stock of the Dallas Bank owned by such nonresidents.

The all-important question involved on this appeal is, whether the shares of stock in a joint stock land bank, organized under Title 12, Secs. 810 to 824, U.S.C.A., and owned by nonresidents, may be assessed and collected…