resident owner, and all other personal property located in this State belonging to any non-resident owner shall be valued and assessed to the owner thereof, in the assessment district in which said bank, corporation, association or company may have its principal place of business in this State, or in which said personal property may be so located; or personal property belonging to a resident of this State shall be valued and assessed to the owner thereof in the assessment district in which said owner may reside, except goods and chattels permanently located in any city or county of this State, which shall be valued and assessed to the owner thereof in the city or county in which they are so located. All rolling stock of all railroads worked by steam, employed in operating and running over lines of railroad situated, being and lying in this State, for the purpose of county and city taxation shall be valued, assessed and taxed to the said railroads owning, hiring, using and leasing the same as other personal property is valued, assessed and taxed under the provisions of this article; and for the purpose of such valuation, assessment and taxation, the situs of said rolling stock shall be taken and considered to be in the assessment district in which is located the principal place of business of such railroad companies located in this State, unless it shall appear that the situs of such rolling stock is in some other city or county of this State than that in which the principal place of business of said railroad is located in this State; provided, that whenever the said railroads owning, hiring or leasing said rolling stock shall extend beyond the limits of this State into any other State or States, the assessors or other tax officials whose duty it shall be to assess said rolling stock under the provisions of this section shall observe the following rule in ascertaining the assessable value of said rolling stock; that is to say, the value of said rolling stock for the purposes of taxation shall bear the same proportion to the total value of said rolling stock which the mileage of said railroad in Maryland bears to its total mileage; this proviso is not to apply to such rolling stock as is permanently located within the limits of this State. In valuing the stock or shares in any bank, company, association or corporation, the number of shares of such stock in such bank, company, association or corporation

owned by the persons to whom the same are valued shall be stated together with the respective taxable value of each, as ascertained by the State Tax Commissioner. In valuing bonds, securities and other investments the nature of such bonds, securities and other investments shall be briefly stated with the respective values of each. In valuing and assessing any property in this State not exempted from taxation under the laws thereof which is not specifically mentioned in this article, the method pursued shall be that prescribed by the laws of this State which are applicable to such property and are in force where such valuation is made.

B. C. & A. Ry. Co. v. Wicomico Co., 93 Md. 118. Skinner Dry Dock Co. v. Balto. City, 96 Md. 40.

1896, ch. 140, sec. 197.

207. The provisions of this article shall not apply to the shares of homestead or building associations incorporated under the laws of the State and doing business solely therein, to the extent that such shares represent investments in mortgages on real and leasehold estates located wholly within this State, and executed by members of such homestead or building associations.

Ibid. sec. 199.

209. It shall be lawful for any railroad company or other corporation, in executing a mortgage on property located in this State, for the purpose of securing the payment of bonds issued by such corporation, to covenant in such mortgage to pay the taxes levied upon such mortgage, or the bonds secured thereby, or on the interest payable thereon; and in such cases the oath prescribed in Section 186 shall not be required; provided, however, that nothing contained in this section shall be held or construed to waive, release or otherwise interfere with the valuation and assessment, for purposes of taxation, of any bonds, secured by such mortgage, in the hands of the holders thereof, resident in this State, respectively, as directed in the case of other bonds by this article.

1896, ch. 120, sec. 194. 1896, ch. 143, sec. 201.

210. All bonds, certificates of indebtedness or evidence of debt in whatsoever form made or issued by any public or

private corporation incorporated by this State or any other State, Territory, district or foreign country, or issued by any State (except the State of Maryland), Territory, district or foreign country not exempt from taxation by the laws of this State, and owned by residents of Maryland, shall be subject to valuation and assessment to the owners thereof in the county or city in which such owners may respectively reside, and they shall be assessed at their actual value in the market, and such upon which no interest shall be actually paid shall not be valued at all, and upon such valuation the regular rate of taxation for State purposes shall be paid, and there shall also be paid on such valuation thirty cents (and no more) on each one hundred dollars for county, city and municipal taxation in such county or city of this State in which the owner may reside. All shares of stock or shares in any bank other than a national bank, or in any company or corporation incorporated by or located in and doing business in any other State, or District of Columbia, or in any Territory or foreign country owned by residents of this State, shall be valid and assessed for the purpose of State, county and municipal taxation to the owners thereof in the county or city in which such owners may reside, and said shares shall be assessed and valued at their actual value in the market, and those upon which no dividend shall be actually paid shall not be valued at all, and upon the valuation so made the regular rate of taxation for State purposes shall be paid, and there shall also be paid on such valuation thirty cents (and no more) on each one hundred dollars for county, city and municipal taxation in such county or city of this State in which the owners may reside.

Frederick Co. v. Frederick City, 88 Md. 654. Balto. City v. Johnson, 96 Md. 745.

1902, ch. 486, sec. 221.

211. All bonds, certificates of indebtedness or evidence of debt, in whatsoever form made or issued by any public or private corporation incorporated by this State or any other State, Territory, district or foreign country, or issued by any

Art. 81, Sec. 211-Residence of cestui que trust is situs of stock for taxation. Mayor and City Council of Baltimore v. Safe Deposit Co., 97 Md. 659.

State, Territory, district or foreign country, and all personal property of any kind whatsoever, not exempt from taxation by the laws of this State, in which any resident of any county of this State has an equitable interest, with the legal title to the same in some other person or corporation who is a resident of some other county of this State or of the city of Baltimore, or (in the case of a corporation) which has its main office or principal place of business in some other county in this State or in the city of Baltimore shall be valued and assessed for the purpose of State and county taxation to the equitable owner thereof in the county in which he or she resides, to the extent of his or her equitable interest as aforesaid, and the taxes due thereon shall be paid by the holder of said legal title to the collector of taxes for the county or city in which said property is so valued and assessed. All provisions of this section, when they shall become operative, shall repeal all laws or parts of laws, inconsistent herewith, to the extent of such inconsistency.

1888, art. 81, sec. 155. 1896, ch. 120, sec. 2. 1896, ch. 143, sec. 202. 212. No extra assessment shall be made, and no extra or special tax shall be levied or collected on any bridge or bridges over streams or any tunnel forming any part of the roadway of any railroad or railroads or turnpike in this State, it being the meaning and intent of this section that any bridge over streams or any tunnel forming a portion of the roadway of any of said railroads or turnpikes shall be valued and assessed at the same rate that any other equal portion of such railroad or turnpike is valued.

1898, ch. 286, sec. 203.

213. All shares of stock in any bank (other than a national bank) incorporated by or located in or doing business in this State shall be valued and assessed for the purpose of State, county and municipal taxation to the owners thereof in the county or city in this State, in which said owners may respectively reside, in the same manner and to all intents and purposes as if the said shares of stock were shares of stock in a national bank located in this State, to the end that at no time shall the shares of stock in any bank incorporated by or located

in or doing business in this State (other than a national bank) or the owner or owners thereof be liable for or subject to any other or greater taxation than the same, or the owner or owners thereof, would be if the said shares of stock were shares of stock in a national bank located in this State.

ARTICLE XCIII.

TESTAMENTARY LAW.

1888, art. 93, sec. 77.

ch. 447, sec. 1.

1860, art. 93, sec. 77. 1839, ch. 41, sec. 1. 1849, 1874, ch. 483, sec. 103. 1888, ch. 249.

76. If any person being a resident of any other State, district or Territory of the United States, or of any foreign country shall die possessed of or entitled to any of the public stocks or debts created or issued upon the credit of this State, or of the stock or debt created or issued upon the credit of the city of Baltimore, or of the capital stock of any joint stock company incorporated by the authority of this State, or of any national bank in this State, his right or title thereto shall devolve on his executor or administrator, duly constituted and appointed as such by the law of the State, district, Territory or country wherein he may have resided at the time of his death, in the same manner as if the said executor or administrator had been duly constituted and appointed as such by the proper authority in this State.

Ibid. sec. 78. 1860, art. 93, sec. 78. 1839, ch. 41, sec. 2. 1849, ch. 447, sec. 2. 1874, ch. 483, sec. 104.

77. Nothing contained in the preceding section shall deprive the courts of this State of their authority to grant administration on the estate of such deceased person, and the right of a person so appointed shall be preferred to the right of the foreign executor or administrator; provided, notice of the claim of the domestic executor or administrator to such stock be given to the proper officer having charge of the stock book wherein such stock is entered, and having authority to make