People's Sav. Bank v. Layman
U.S. Circuit Court for the Southern District of Iowa
In Equity. The ease No. 2,406 will be first considered. The complainant is a corporation organized under the laws of Iowa as a savings bank, and located at Des Moines. The defendant is the county treasurer.
Read the full summary
In Equity. The ease No. 2,406 will be first considered. The complainant is a corporation organized under the laws of Iowa as a savings bank, and located at Des Moines. The defendant is the county treasurer. The bill alleges and the evidence shows that the assessments made by the assessor were for the years as follows: For the year 1898, $62,320; for the year 1899, $13,250; for the year 1900, $40,000; for the year 1901, $56,297. Within the time fixed by law the taxes were levied on said assessments, and in due time paid. The bill alleges that the assessments were made by the assessor on all…
1Opinion of the CourtMcPHERSON, District Judge
(after stating the facts). From the foregoing statement of facts, two questions arise for determination: (1) Was the bank entitled to have deducted the amount of United States bonds from the net worth of the bank, in fixing the assessment? (2) If the bonds were not properly deducted, then after the bank was assessed and the taxes paid can the treasurer now add to the assessment?
That the Constitution is the supreme law of the land need only be stated. And that the government has the power to borrow money by issuing its bonds and selling them is denied by no one. And that the bonds cannot be…
2Cases cited14 opinions
- M'culloch v. State of MarylandSupreme Court of the United States · 1819
- National Bank v. CommonwealthSupreme Court of the United States · 1870
- Van Allen v. AssessorsSupreme Court of the United States · 1866
- Farrington v. TennesseeSupreme Court of the United States · 1878
- Palmer v. McMahonSupreme Court of the United States · 1890
9 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Tumulty v. District of ColumbiaCourt of Appeals for the D.C. Circuit · 1939
- Flournoy v. First Nat. Bank of ShreveportSupreme Court of Louisiana · 1941
- In Re Assessment of Durant Nat. BankSupreme Court of Oklahoma · 1923
- Hunt v. District of ColumbiaCourt of Appeals for the D.C. Circuit · 1939
- Woodbury County v. TalleySupreme Court of Iowa · 1911
4 more not listed; retrieve them via the Exa API.