74 N.Y.S. 190 | N.Y. App. Div. | 1902
The single question to be determined upon this appeal is whether a seat or membership in the Mew York Stock Exchange of a non. resident of this-State is taxable under the law in relation to taxable transfers. This depends entirely upon whether such a seat in the Mew York Stock Exchange is to be considered as personal property. We do not think, in view of the decision of the Court of Appeals in People ex rel. Lemmon v. Feitner (167 N. Y. 1), that this question is open to discussion.
It is true that the appellants seem to rely upon this authority as sustaining their proposition. But an examination of the opinions delivered by the court in that case shows that although such a seat in the Mew York Stock Exchange is not personal property under the restricted definition of the Tax Law (Laws of 1896, chap. 908,
We think, under these circumstances, that the decree of the surrogate was right and should be affirmed, with costs.
Patterson, O’Brien and Laughlin, JJ., concurred. .
Decree affirmed, with costs.