Waseca County Bank v. McKenna
Supreme Court of Minnesota
The plaintiff, a banking corporation under the laws of the state, brought this action in the district court for Waseca county, to restrain the defendant, the treasurer of the county, from making sale of the shares of stock of the bank for taxes levied thereon. In its complaint it professes to sue on behalf of all its stockholders, and sets forth matters which it alleges vitiated the assessment of the tax.
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The plaintiff, a banking corporation under the laws of the state, brought this action in the district court for Waseca county, to restrain the defendant, the treasurer of the county, from making sale of the shares of stock of the bank for taxes levied thereon. In its complaint it professes to sue on behalf of all its stockholders, and sets forth matters which it alleges vitiated the assessment of the tax. The action was tried before Buckham, J., who ordered judgment for defendant, which was entered, and the plaintiff appealed. Lewis & Leslie, for appellant, in support of plaintiff’s right to…
1Opinion of the CourtGilfillan, C. J.
The plaintiff is not in position to maintain this action. Not having in its hands any dividends due stockholders, (we *469do not wish to express an opinion whether that would make any difference,) the only thing which the defendant as treasurer can do is to levy upon and sell the shares of stock of individual stockholders for the tax upon such shares. This is all that he threatens to do, and is what the action seeks to enjoin him from doing. Such sale would have the effect only to transfer, to whomsoever should purchase at the sale, the title to the stock sold. This would not affect the bank in…
2Cited by6 opinions
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- Bancroft v. CookMassachusetts Supreme Judicial Court · 1928
- Fairley v. City of DuluthSupreme Court of Minnesota · 1921
- Singer v. Allied Factors, Inc.Supreme Court of Minnesota · 1944
- Northwestern Loan & Banking Co. v. MuggliSouth Dakota Supreme Court · 1895
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