Conwell v. President & Trustees of Connersville
| Decision Date | 03 December 1860 |
| Parties | Conwell, President of the Bank of Connersville v. The President and Trustees of the Town of Connersville |
| Court | Indiana Supreme Court |
APPEAL from the Fayette Circuit Court.
The judgment is reversed, with costs. Cause remanded.
N Trusler and G. Trusler, for appellant.
Parker and McIntosh, James Perry and Jno. S. Reid, for appellees.
The appellees, who were the plaintiffs, sued Conwell, as President of the Bank of Connersville, to recover a tax levied on certain real and personal property, situate within the corporate limits of said town, and alleged to be taxable as the property of the bank. The Court tried the issues, and found for the plaintiffs. New trial refused, and judgment.
The record presents these facts. The Bank of Connersville is located, and transacts her business in the town of Connersville. In September, 1854, the trustees of the town designated what property should be taxed for town purposes. Among which, so designated, was all the real estate within the corporation and also, all the personal property therein situated, including "Indiana stocks, stocks of the United States, and all bank stocks." And the corporation assessor having made his return, they, the trustees, fixed the rate of taxation, and proceeded to correct the assessments. In the assessment-roll, returned by the assessor, real estate, valued at $ 6,500, was assessed to the bank; and her capital stock, valued at $ 387,100, was assessed to its owners, the stockholders in the bank, as follows: Wells E. Lawrence, $ 3,000; Wm. Phelps, $ 600; John D. Park, $ 192,600; and Benjamin F. Sanford, $ 181,400. This assessment, having been examined by the trustees, was, by their order, amended and changed so as to charge the bank, instead of the stockholders, with the $ 387,100, the aggregate amount of said capital stock. Pursuant to this change in the assessment-roll, the corporation collector, at the proper time, demanded of the bank the entire amount of tax levied on the above real and personal property. Upon the demand, thus made, the bank paid $ 22 and 75 cents, the taxes levied on the real estate; but she refused payment of the tax upon the capital stock. In view of these facts, the question arises, was the bank rightfully charged with the tax on the capital stock? It is conceded, that the trustees were authorized to levy a tax on bank stock; but contended that, in this instance, the stock belonged to the stockholders as their several property, and that they were, therefore, severally liable for the respective amounts of tax thereon assessed.
That the stock in question, was the property of the stockholders and not the property of the corporation, is a proposition that seems to admit of no doubt; they can sell and dispose of it as other...
To continue reading
Request your trial
-
Darnell v. State
...stock are deemed situate at the domicile of the owner for the purposes of taxation. City of Evansville, v. Hall, 14 Ind. 27;Conwell v. President, etc., 15 Ind. 150.City of Madison v. Whitney, 21 Ind. 261. These propositions and citations of law have been made to show that the complaint prim......
-
Darnell v. The State
... ... City of Evansville v. Hall ... (1859), 14 Ind. 27; Conwell v. President, ... etc. (1860), 15 Ind. 150; City of Madison v ... ...
-
Stroh v. City of Detroit
...� 86; Cook, Stock & S. � 565. These authors refer to substantially the same authorities, of which the following are the more important: President, etc., of Tremont Bank v. City of Boston, 1 Cush. 144; New Jersey R. Transp. Co. v. Collectors of East, Fifth, and Ninth Wards of City of New......
-
Georgia State Bldg. & Loan Ass'n of Savannah v. Mayor, Etc., of Savannah
... ... When, ... by the terms of an act, the president of a building and loan ... association is required to return to the tax ... Dolloway, 21 N.Y. 449; People v. Bradley, 39 ... Ill. 130; Conwell v. Town of connersville, 15 Ind ... 150; Van Allen v. Assessors, 3 Wall ... ...