The Denison review. [volume] (Denison, Iowa) 1867-current, 1901-12-24
Court Notes.

tax ferret, Mr.. Barrett, relative to GER
tain taxes which it is claimed have
been unpaid. AS the case is before the
court we do not deem newspaper argyll
ment in place on one side or the other.
MIR. Barrett claims that a number of |
mortgages taken in the name of W. A. |
McHenry were never reported for tax
alton, and that taxes are due thereon.
Mr.. McHenry's contention is that the
mortgages were taken in his name to
secure promissory notes taken Tor and
owned by the First National Bank of
Denison. and that the mortgages were
taken in his name simply to facilitate
the business of the bank and not for
any purpose or thought of his having
any interest or ownership in the mort
cages.
The evidence in the case. without
any conflict, shows that in each case
the mortgages were taken to secure
/ loans made by the bank and in which
Mr.. McHenry had no interest beyond
Sometimes the mortgages securing
these loans were taken in the name of
Sears McHenrv and sometimes in the
name of Mr.. Pierce, the book.keeper
of the bank. but in none of the cases
is it claimed that the mortgages had
any interest in the loan, but that their
names were simply used to avoid any
lquestions arising on account of the law
prohibiting national banks in taking
real estate mortgages when secured.
These mortgages we're not taken ex-
eept at times when the demand for
money for commercial purposes was
) limited and in order to keep the capt.
tai of the bank invested,
The mortgages as soon as taken
were assigned by Mr.. McHenry and
} their possession was delivered to the
bank and were carried on the books of
the bank as part OF it's assets.
The bank has been assessed each
. year and has paid taxes upon its as
sets. including the notes and mort
} cages which the tax ferret seeks to
have assessed again. This is the
' claim OF Mr.. MoHenry and the evil
: dence in the case. on the part of the
' bank, supports his contention without
: any conflict. The claim of Mr. Bar
rett is that inasmuch as the mort.
cages were taken in the name of w.
A. McAenry that under the law he
must pay the taxes upon them. al
though he may have not owned them
as matter of fact. 1t is claimed
that he is estopped to now assert that
he has any interest in the mortgages
after allowing them to be taken in
his name.
The claim is further made that under
the National Banking law MIR. McHen
nv would be acting in violation of law
to assert that the mortgages were TAX
en- to secure money loaned by the bank
and that for this reason he cannot nov
. assert that he was violator of the Law
and claim any advantage from it.
q These are the contentious OF the re
81 spective parties, and it certainly is {
proper thing that judgment should bt
withheld until the court has investi
y gated the matter and rendered its de
cision. which. OF course. will be accord
:. ing to law.
: The case against the Crawford Coun
. ty State Bank was also tried and tn
submission of it postponed until furthe
evidence could be taken. The case in
wolves the question of the right or tn
Treasurer to assess certain items of pre-
ie perty which it is claimed We're omitte
% by the assessor at the time the asses
&c ment was made in 1876 and 81.
'h The injunction case instituted by th
70 Denison Electric Light & Power Con
DIS pany was tried AID submitted to th
nc Court and was taken under advisemer
wv to be decided later on as of the las
sh day of the term. The case involved tn
question of the legality of an asses
ment of the Electric Light Compan
which it is shown was at least great
n excessive. The contention of the Con
is yany is that the assessment was illega
on because of the fact that the share of tt
IN stock of the corporation was not assesse
80 but that the capital was assessed direc
H. ly against the corporation itself TT
in evidence shows that the Compar
be owned no real estate and nothing b,
~ personal property and under the law
= is the shares of the stock of the Con
est many that is TO he assessed TO the stoc
he holders at their actual value.
th
ha Something New.
ne Won the Home Cash Check They a,
free and are so much'cash in your peck
The Peoples store, Armstrong Drug G
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