The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1899-08-11


loan association is taxable under Sec
ton 1880 upon the market value of its
capital stock less the value of its real
property, if any, and the value of its
personal property as provided by
paragraphs and of said section. The
assessment should not be made against
officers of building and loan associa-
tions do not disclose the amount and
value of the capital stock of the cor
poration then an assessment against
the company for the value of its mort
cages will be sustained by the courts.
See State VS., Redwood Falls Building
and Loan association" 40 MINI. 1874.
Fifth. Replying to your fifth inquiry
am of the opinion that section 1927
does not apply to banking corporations.
1t will denoted that chapter II through
out, including particularly SECS 1881 to
1884 referring to banks, makes no re
ference to the term credits" or de
auctions from credits" but in the de-
auctions provided for deals with the
subject of the assets as money and
other property accumulated, and pro-
vides for deductions of the value
of real property, personal property
and the amount of deposits, listing
them in the sense of being different
class of property subject to assessment
as to deposits against the individual de-
positors, and in the matter of the real
estate against the banks as other prop
erty is assessed. Again, Sec 1927 fol-
lowing Immediately Sec 1926, seems to
have been designed to refer to the class
provided for in the latter section solely.
and it will be noted that the latter sec
ton expressly provides nothing in this
section shall be so construed as to apply
to any bank, banking company or corpo-
ration exercising banking powers or
privileges, or to authorize any deduct
ions allowed by this section from the
value of any other item or taxation
items or items other than credits.
Again, the correlation of these sec
tions may fairly be taken into consider
alton in Interpreting Sec 1927.
By the terms of Sec 1511 credits are
defined to mean and include every
claim and demand for money or other
valuable thing and every annu ty or
sum of money receivable at stated per-
iods due or to become due, and all claims
and demands secured by deed or mort
gage due or to become due.
Other definitions are given to the
terms money, tracts, lots pieces or par
GELS OF real property, ETC., to which par
ticular attention is called.
That part of section 1927 concerning
which you request a construction reads.
''and in all cases where deductions are
claimed from credits the assessor shall
require such deductions to be verified
by the person, officer or agent claiming
such deduction, such person, officer or
agent shall make an affidavit that all
moneys or other things for which such
deductions are claimed are given for a
bona fide consideration, such affidavit
shall also contain the names and resi-
dences of payees holding the obligations
for which such deductions are claimed"
1t will be noted that the officer or per-
son required to make such disclosure is
not called upon by the terms of this
section to disclose the information
So1lOo LII OAOCpO III oil vases "AO oC-
auctions are claimed for credits"
These considerations exclude the in
depreciation that the legislature intend
ed by Sec. 1927 to refer to officers of
banking corporations. An examination
of Sec. 1914. being part of chapter II
of the G. S. of 1894 confirms the above
view and provides the remedy contem,
plated by the legislature for disclosing
hidden or secreted property, whether
in the nature of bank deposits, mort
cages or other property.
call your attention particularly to a
part of this section, towit: 'The asses
sor is hereby authorized to administer
oaths to all persons who by the pro-
visions of this act are required to swear
or whom he may require to testify in
any case and he may examine upon
oath any person whom he may suppose
to have knowledge of the amount or
value of the personal property of any
person refusing to list or to verify his
list of personal property
In connection with the general SUBJ
ject, beg to call your attention to the
recent case of State VS.. Duluth Gas and
Water Works Co., rs N. w. R. 1882, in
which the supreme court decided that
that the 9Th paragraph in sec. 1880 of
the G. s. of 1894 is unconstitutional.
Yours truly,