bonds, and that the shares of such banks were property to be listed. McIver v. Robinson, 372.
60. Of both shares and real estate-where no cause for complaint.] A National bank alleged that it had been assessed on both its shares and its real estate, and that the value of the real estate was not deducted from the gross value of the shares. It appeared that the assessed valuation of both the real estate and stock was less than half their real value. Held, that the bank had no cause to complain. Nickerson v. Kimball, 409. 61. Taxation in Illinois.] The Illinois Statute (Hurd's Rev. Stats., § 36), pro- viding for the taxation of National banks, is constitutional. That statute explained and construed. Ib.
62. Construction of Iowa statute.] A State statute providing for the taxation of shares in National banks having been declared illegal by the court because the capital instead of the shares of State banks were taxed, the Legislature passed a new statute for taxing shares in National banks, and therein repealed "all acts and parts of acts inconsistent" with its provis- ions. Held, that the repealing clause amounted to a repeal of the pro- vision taxing the capital of State banks, and since those banks, if any there were, could be taxed on their shares under the general revenue law of the State, the provision for taxing National banks was in accordance with the act of Congress. Morseman v. Younkin, 460.
63. Construction of Massachusetts statute.] By the statute of June, 1868, chapter 349, of Massachusetts, entitled "An act concerning the taxing of bank shares,” it was provided that the shares in National banks owned by non-residents of the Commonwealth shall be assessed to the owners thereof in the cities or towns where the banks are located; that the rate of taxation shall be the same as on other moneyed capital; that the value of such shares shall be omitted from the valuation upon which the rate is to be based, and that the act shall "apply to taxes assessed and collected for the present year in the same manner and to the same effect as if it had been in force on the first day of May." Held, that the act was not unconstitutional, either as being in violation of the act of Con- gress of 1864, chapter 106, section 47, and 1868, chapter 7, or as levying a tax in a disproportional manner, or as being retrospective in its operation. Providence Institution for Savings and Jewell v. City of Boston, 578. 64. Construction of Massachusetts statute-place of taxation.] A statute made it the duty of every shareholder in a National bank to give notice to the bank of his true residence each year, and, in case of neglect, made the shares taxable where the bank was located as well as where the share. holder resided. Held, that a shareholder was rightfully taxed upon his shares in the town where he resided although he had, through an honest mistake, notified the cashier that his residence was in another town. Goldsbury v. Inhabitants of Warwick, 592.
65. Construction of Michigan statutes.] By general law of a State, shares of stock in National banks were to be taxed in the township where the bank was located, except that where a stockholder resided in another township
in the same county, his shares were to be there taxed. A village charter authorized the taxation of "all property, real and personal, within the limits of said village." Held, not to authorize a tax on shares of stock in a National bank located in such village, owned by a resident of another township in the same county. Howell v. Village of Cassopolis, 627.
66. Deduction for debts in New York.] By statute in New York, individuals were taxed on the full value of all their personal property, after deducting the just debts owing by them." A subsequent statute provided that the owners of shares of stock in National banks situated in the State should be "taxed on the value of their shares of stock therein." Held, that a share- holder was not entitled to a reduction on the assessed value of his shares on account of debts. People ex rel. Cagger v. Dolan, 684.
67. Of National bank notes.] The circulating notes of National banks are not exempt from taxation by States. Board v. Elston, 425; contra, Horne v. Green, 643.
Of circulation of State banks.] See CONSTITUTIONAL LAW, 22; CIRCULATION. When lien on shares-sale of shares without discharging lien.] See SALE, 921. Of circulation of National banks.] See CIRCULATION.
See EMBEZZLEMENT AND LARCENY.
1. Of stock-bank cannot prohibit.] National banks can acquire no lien on their own stock, and cannot, by law or otherwise, prevent a stockholder who is indebted to the bank from transferring his shares. Bullard v. Bank, 93; Bank v. Lanier, 70.
-.] A shareholder in a National bank has, in the absence of fraud, an absolute right to sell and transfer his shares, and this right is not subject to be cut off or abridged by either the directors or other shareholders. Johnson v. Laflin, 331.
To avoid liability to creditors.] By National bank, when void.]
See STOCKHOLDER, 2.1.
See INSOLVENCY, 276, 285. See STOCKHOLDERS.
1. A National bank cannot deal in stocks, but it may take stocks in payment or compromise of a debt in order to avoid loss. First Nat. Bank v. Nat. Exchange Bank, 124.
2. Where a National bank received a deposit to hold as collateral security for the performance of an agreement between certain parties, held, that it was estopped from setting up the defense of ultra vires to an action to recover the deposit by one of the parties who had performed his part of the agreement, relying on the undertaking of the bank. Bushnell v. Chautauqua Nat. Bank, 794.
3. Where a National bank has entered into a contract not authorized by its charter it cannot repudiate the contract and at the same time retain its fruits. Casey v. La Société de Cre it Mobilier, 285.
See BANKING BUSINESS; DEPOSITS FOR SAFE-KEEPING.
Paramount lien.] See LIEN.
1. An action may be brought against a National bank after a receiver has been appointed. Bank of Bethel v. Pahquioque Nat. Bank, 77; Security Bank v. Nat. Bank, 774; Green v. Walkill Nat. Bank, 786.
2. An action may be prosecuted against a National bank although it has resolved to go into liquidation and has provided for the reduction of its circulating notes. Ordway v. Central Nat. Bank, 559.
3. In winding up a National bank, the Comptroller of the Currency must determine when and to what extent the liability of stockholders must be enforced, and this determination is conclusive; and in an action to enforce the liability, such determination must be pleaded and proved. Kennedy v. Gibson, 17; Casey v. Galli, 142; Bailey v. Sawyer, 356.
4. Where less than the entire liability of stockholders is to be enforced. a proceeding may be had in equity; but where the entire liability is to be enforced, the action must be at law. lb.
5. National banks can be wound up only in the mode provided in the National Banking Act. Re Manufacturers' Bank, 192.
6. In cases not within the special provisions of the National Banking Act, a National bank may be proceeded against in the same manner as any other debtor or corporation. Irons v. Manufacturers' Nat. Bank, 203.
7. What are debts against.] Under section 50 of the act entitled "An act to provide a National currency," etc., the assets in the hands of the receiver of a bank that fails are, when reduced to money, to be ratably divided and appropriated to the payment of all legal liabilities of the association, whether such liabilities are debts, technically so called, or result from the non-feasance or malfeasance of the association in respect of its binding obligations and duties-as from its failures while in possession of bonds left by an individual with it on special deposit or for safe-keeping. Turner v. The First Nat. Bank, 454.
8. Parties.] In a proceeding for the adjudication of a claim against a National bank that has suspended, the receiver appointed under the National Bank- ing Act may be properly joined as a party defendant. Ib.
9. Where the funds of an insolvent bank are sufficient to pay all claims against it and leave a surplus, the Comptroller should allow interest on
claims during the winding up proceedings; and an action to recover such interest will lie against the bank. Chemical Nat. Bank v. Bailey, 260.
See INSOLVENCY; RECEIVER.
Insolvency."] See INSOLVENCY, 276, 285.
"United States currency."] See CIRCULATION, 508.
"Municipal purposes."] See TAXATION, 432.
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