United States v. Seattle-First Nat. Bank
| Decision Date | 24 May 1943 |
| Docket Number | No. 10254.,10254. |
| Citation | 136 F.2d 676 |
| Parties | UNITED STATES v. SEATTLE-FIRST NAT. BANK. |
| Court | U.S. Court of Appeals — Ninth Circuit |
Samuel O. Clark, Jr., Asst. Atty. Gen., Sewall Key, A. F. Prescott, and George H. Zeutzius, Sp. Assts. to the Atty. Gen., and Edward M. Connelly, U. S. Atty., and Harvey Erickson, Asst. U. S. Atty., both of Spokane, Wash., for appellant.
Arnold L. Graves, B. H. Kizer, and Paul H. Graves, all of Spokane, Wash., for appellee.
Before GARRECHT, HANEY, and HEALY, Circuit Judges.
The question presented here is whether a statutory consolidation of banks under the National Bank Act, 12 U.S.C.A. § 34a, involves liability for documentary stamp tax under § 800 and Schedules A-3, A-8, and A-9, Title VIII, Revenue Act of 1926, as amended, 26 U.S.C.A. Int.Rev.Acts, pages 284, 289, 297.
In 1935 a state bank, the Spokane and Eastern Trust Company, consolidated with the First National Bank of Seattle under the name of Seattle-First National Bank. Upon the ratification of the consolidation agreement by the stockholders the comptroller of the currency issued the necessary certificate of approval, reciting that the directors and shareholders of both banks had complied with the provisions of the Act.
The Spokane and Eastern Trust Company owned real estate whereon its banking house was located and securities in which a portion of its capital and surplus was invested. It had title also to securities as trustee, executor, guardian, etc. Stamps for the documentary tax required by the statute in the case of conveyances of real estate and transfers of stocks and bonds were not purchased nor affixed to any documents. The collector exacted a tax from the consolidated bank on the theory that the consolidation had resulted in taxable transfers. On a suit for refund the bank had judgment and the government appeals.
The Act of November 7, 1918, as amended February 25, 1927, 12 U.S.C.A. § 34a, authorizes the consolidation of a state bank with a national banking association located in the same state. For reasons which will be apparent on reflection the Act provides for the continued corporate existence of the constituent banks participating in the consolidation, and the consolidated association is "deemed to be the same corporation as each of the constituent institutions." The statute further provides that "all the rights, franchises, and interests of each of such constituent banks and national banking associations in and to...
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