People v. Hibernia Savings & Loan Society
California Supreme Court
Appeal from the District Court, Third Judicial District, City and County of San Francisco. The defendant was a corporation engaged in the business of receiving deposits in money, and loaning out the same for the benefit of the depositors after the payment of expenses. Its loans were secured by mortgage.
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Appeal from the District Court, Third Judicial District, City and County of San Francisco. The defendant was a corporation engaged in the business of receiving deposits in money, and loaning out the same for the benefit of the depositors after the payment of expenses. Its loans were secured by mortgage. Between the first Monday in March and the first Monday in June, 1874, it was assessed for solvent debts, secured by mortgage, in the sum of §11,366,934.59. The tax levied on this sum was §77,460.48. The solvent debts were secured by mortgages which were a lien on real estate situated within…
1Opinion of the Court
By the Court, McKinstry,. J.:
“Taxation shall be equal and uniform throughout the State. All property in this State shall be taxed in proportion to its value, to be ascertained as directed by law; but assessors and collectors of town, county and State taxes shall be elected by the qualified electors of the district, county or town in which the property taxed for State, county or town purposes is situated.” (Constitution of California, Article IX, section 13.). There is no provision in the Political Code which requires, in terms, that debts secured by mortgage shall be taxed. That Code requires…
2Cases cited3 opinions
- Houghton v. AustinCalifornia Supreme Court · 1874
- People v. San Francisco Sav. UnionCalifornia Supreme Court · 1866
- People v. EddyCalifornia Supreme Court · 1872
3Cited by19 opinions
- State ex rel. Wolfe v. ParmenterWashington Supreme Court · 1908
- State ex rel. Breckenridge v. FlemingNebraska Supreme Court · 1903
- City & County of San Francisco v. FloodCalifornia Supreme Court · 1884
- Morrison v. ManchesterSupreme Court of New Hampshire · 1879
- State v. Carson City Savings BankNevada Supreme Court · 1882
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