Bank of Oxford v. Town of Oxford
Mississippi Supreme Court
From the chancery court of Lafayette county. Hon. W. R. Triso, Chancellor, presided by interchange. Appellant, Bank of Oxford, filed this bill May 15, 18.90, to enjoin an action at law which had been instituted against it by the town of Oxford for the collection of unpaid municipal taxes for the years 1888 and 1889. ' The bill alleged that the bank had paid for each of those years a privilege tax of $750; that this was the proper tax, since its capital stock was $79,000, and…
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From the chancery court of Lafayette county. Hon. W. R. Triso, Chancellor, presided by interchange. Appellant, Bank of Oxford, filed this bill May 15, 18.90, to enjoin an action at law which had been instituted against it by the town of Oxford for the collection of unpaid municipal taxes for the years 1888 and 1889. ' The bill alleged that the bank had paid for each of those years a privilege tax of $750; that this was the proper tax, since its capital stock was $79,000, and its surplus $4,000— in all $88,000 — while $10,000 of this was invested in nontaxable state bonds; that the basis for…
1Opinion of the CourtCampbell, C. J.
In Vicksburg. Bank v. Worrell, 67 Miss., 47, we held that the act approved March 8, 1888, amending § 585 of the-code of 1880, as to banks, was constitutional, and that its purpose was to impose a tax, measured by the entire assets of the bank, in lieu of all other taxes, and that a bank which paid according to the requirements of that act thereby secured the immunity from other taxation which it declares, ¥e added: “Any bank which did not estimate all of its assets, beyond the amount of its capital stock, and pay the privilege tax on the larger basis, is in default,' and did not secure the…
2Cases cited2 opinions
- National Bank v. CommonwealthSupreme Court of the United States · 1870
- Vicksburg Bank v. WorrellMississippi Supreme Court · 1889
3Cited by7 opinions
- Livesay v. DearmondOregon Supreme Court · 1929
- Barnes, Sheriff v. JonesMississippi Supreme Court · 1925
- Robertson v. Mississippi Valley Co.Mississippi Supreme Court · 1919
- First Nat. Bank of Jackson v. McNeelCourt of Appeals for the Fifth Circuit · 1917
- Magnolia Bank v. Board of SupervisorsMississippi Supreme Court · 1916
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