Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-11-25
THREE REScRIPTS.
Decisions Handed Down in Cumber'
land, Knox and York Cases.

Cumberland county. Seth F. Sweet
sir VS.. Solomon H. Chandler. Rescript
by Savage, ]. l
May 81, 1902, the defendant was as
sessed for specific bank stock and
money at interest and nothing else
The defendant had returned no list to
the assessors, and the assessment OF
money at interest" was a doom" SO
called, and, in the judgment of the as
SCISSORS, represented the amount for
which the defendant was liable to be
| taxed on that account. They had no
knowledge of any particular items OF
money at interest.
In May, 1902, the defendant was adj
judged to be of unsound mind and a
guardian was appointed. The guard
ian returned to the probate court an
inventory of the defendants estate, in
Guiding bonds, and stocks and scrip
other than bank stock, all of which
were unknown to the assessors at the
time of the original assessment. Sub
seauently the assessors, by supple
| mental assessment, assessed to the de-
PENDANT the bonds and stock thus re-
turned.
Suit being brought to recover the
supplemental tax, it is held:
Ito sustain the validity of a sup
Elemental assessment, it must appear
that the items of property assessed
were not assessed in the original as
sessment, and that they We're omitted
| by mistake.
Pin determining what was assessed
in the original assessment, the court
is controlled by the assessment itself
| That cannot be modified or limited by
evidence aliunde.
"a bond, as commercially known
| is an interest bearing obligation to pay
money. 1t represents, and is the evil
dence of, an Indebtedness. In the
| hands of a purchaser, it represents
| money at interest.
4-The phrase money at interest
| includes all forms of interest bearing
securities, whether represented by
| bonds, notes or otherwise, unless the
| contrary appears from the assessment
| itself.
| 5-Assessors cannot cure an error In
| the amount of an assessment Of money
at interest, by securing a revaluation
| thereof through a supplemental assess
ment, even though their error arose
| from their ignorance of the specific
| kinds of securities in which the money
| at interest was invested.
ct does not appear from the origi-
nal assessment in this case that bond:
were not included in it. The assess
ment was clearly intended as a doom
| to cover all money at interest.
| THE supplemental assessment OF
the bonds was invalid, and the tax
| thereon not recoverable.
S-The stock and scrip assessed in
the supplemental assessment were not
| included in the original assessment
but were clearly omitted by mistake
! Such supplemental tax is valid and re-
| coverable.
! Incorporation stock and scrip are
| not money at interest" Stock is
| the stockholders proportionate right
in the corporation itself, his right to
have the corporate purposes carried
out, his right to profits, if any, and tC
a proportionate division of the assets
| upon dissolution. Scrip is the certifi-
cate, or evidence, of the right to obtain
shares in a corporation.
| 10-A supplemental assessment may
be laid on property omitted by mis-
| take in the original assessment, ever
though it may result in raising more