Federal Land Bank v. Board of County Commissioners

The opinion of the court was delivered by

Price, J.:

The question in this case is whether, under the facts of record, certain personal property consisting of a royalty interest derived from an oil and gas lease owned by the Federal Land Bank of Wichita, a federal instrumentality (hereafter referred to as the bank), is subject to taxation by the state or a political subdivision thereof.

The trial court held that it is subject to personal property tax, and the bank has appealed.

The background of the matter is this:

In 1922 the bank made a loan of $3,000 and as security therefor took a mortgage on…