2 Mills Surr. 442 | N.Y. Sur. Ct. | 1902
— Decedent was a resident of this State. At tbe time of ber death she was indebted to the Hamilton Bank of this city in the sum of $2,000, tbe bank bolding as collateral security therefor shares of capital stock of the market value of $24,000. Prior to tbe institution of tbe tax proceeding tbe executor redeemed the stock by paying tbe loan with interest. The. appraiser omitted from the taxable estate appraised the value of said shares. From tbe order entered accordingly this appeal is taken by the comptroller. The appraiser .and tbe counsel for tbe executrix rely upon tbe Pullman case. 46 App. Div. 574. That case, however, instead of being an authority to sustain the order, is a precedent for its reversal. In tbe Pullman case it appeared that the transaction remained in tbe same State at the time of tbe appraisal as at the time of death, that the security bad not been resorted to by tbe pledgee, nor bad the personal representative paid tbe loan and redeemed
Appeal sustained and matter remitted to appraiser for new report.