O'Donnell v. Bailey
Court of Appeals of Mississippi
In error from the superior chancery court; Hon. Stephen Cocke, chancellor. The bill was filed in this case by the defendants in error, to enjoin the collection of a tax assessed by the corporate authorities of Yazoo city, upon the stock of the Commercial Bank of Manchester, it being one half of one per cent, ad valorem upon the stock.
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In error from the superior chancery court; Hon. Stephen Cocke, chancellor. The bill was filed in this case by the defendants in error, to enjoin the collection of a tax assessed by the corporate authorities of Yazoo city, upon the stock of the Commercial Bank of Manchester, it being one half of one per cent, ad valorem upon the stock. The bill charges, that by an assignment the whole property of the bank passed into the hands of John P. Bailey and others, and that by the 10th section of the charter of the bank it was exempt from the payment' of any other than a State tax of twenty-five cents…
1Opinion of the CourtChief Justice Smith
Pursuant to an ordinance of the town council of Yazoo city, a tax of one half of one per cent, was assessed upon the estimated value of the capital stock of the Commercial Bank of Manchester, a banking corporation which is situated within the corporate limits of the town of Yazoo city. Upon the refusal of the bank to pay the tax thus assessed, her property was levied on and advertised for sale, by the proper officer of the town. To restrain the threatened sale, and to prevent the collection of the tax, the bank filed a bill in the superior court of chancery, in which a decree was rendered,…
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