State v. Catron

Citation118 Mo. 280,24 S.W. 439
PartiesSTATE ex rel. GRACY, County Collector, v. CATRON.
Decision Date27 November 1893
CourtUnited States State Supreme Court of Missouri

1. Rev. St. 1879, § 6692, provides that persons owning shares of stock in banks need not deliver to the assessor a list thereof, but the president or other chief officer shall, under oath, give the assessor a list of all shares of stock, and the names of the holders, and state the actual cash value of such stock, and the property of such corporation. Section 6693 provides that the taxes assessed "on shares of stock" embraced in such list shall be paid by the corporations, respectively, and they may recover from the owners of such shares the amount so paid by them, etc. Held, that taxes should be levied against the shares of stock of a banking corporation, and not against the property which the shares represent.

2. A shareholder of a banking corporation is not liable for taxes assessed against the property of the corporation.

Appeal from circuit court, Newton county; Joseph Cravens, Judge.

Action by the state of Missouri, on the relation of James F. Gracy, collector of Newton county, against the Neosho Savings Bank, to enforce the payment of certain taxes levied against it for the year 1889. By consent of parties, W. J. Catron, a shareholder, was substituted as defendant. From a judgment for plaintiff, defendant appeals. Reversed.

Geo. Hubbert and M. E. Benton, for appellant. O. L. Cravens and L. W. White, for respondent.

BLACK, C. J.

This was a suit by the collector of Newton county to collect taxes alleged to have been levied for the year 1889. The suit was commenced against the Neosho Savings Bank, a banking corporation organized under the laws of this state, having a capital stock of 400 shares of the par value of $100 each. By consent of all parties, Catron was substituted as defendant in place of the bank. The defendant owned 105 shares of the stock, and it appears the president of the bank made out, and gave to the assessor, a statement showing a list of the stockholders, and the amount of stock held by each, as required by section 6692, hereafter set out. The assessment book produced in evidence shows the following facts: The first column is headed, "Owner's Name," under which is written, "Neosho Savings Bank." The second is blank. The third is headed, "Moneys, Notes, Bonds, and Other Credits," under which is written $35,110. The fourth is headed, "All Other Personal Property," under which is set down $400. The total valuation made by the assessor is then stated to be $35,510. The taxes extended on this assessment aggregate $621.43. The chief defense is that the stock owned and held by the defendant was not assessed, or attempted to be assessed. On the other hand, it is insisted by the plaintiff that the statute does not authorize or require an assessment of the stock.

Section 6692, Rev. St. 1879, provides: "The property of manufacturing companies and other corporations named in article 8, chapter 21, and of all other corporations the taxation of which is not otherwise provided for by law, shall be assessed and taxed as the property of individuals. Persons owning shares of stock in banks * * * incorporated under or by any law of the United States or of this state, are not required to deliver to the assessor a list thereof; but the president or other chief officers of such corporation shall, under...

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