15 Ind. 150 | Ind. | 1860
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
The record presents these facts. The Bank of -Gonnersmlle is located, and transacts her business in the town of Gonnersville. 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 property, and it is subject to execution
The judgment is reversed, with costs. Cause remanded, &e.