Mercantile-Safe Deposit & Trust Co. v. State ex rel. Shaughnessy

Mercantile-Safe Deposit and Trust Company (the Mer-r *458cantile), in its capacity as trustee of a trust estate created by the late Dr. Alexius McGlannan and as executor of his will, is stoutly resisting an effort by the State to enjoy what has been characterized in the Mercantile’s brief as a “second helping” of inheritance taxes. It was the State which accepted a curious turn of events as an invitation to return to the taxpayer’s table.

In 1934, Dr. McGlannan transferred certain securities to the Mercantile’s corporate predecessor as trustee, to be held under the terms of an inter vivos deed of…