In Re Assessment of Conservative Loan Co.

Supreme Court of Oklahoma

In Re Assessment of Conservative Loan Co.

1918 OK 78, 173 P. 654, 67 Okla. 307, 1918 Okla. LEXIS 265

CourtSupreme Court of Oklahoma

DecidedFebruary 12, 1918

Docket8192

StatusPublished

Cited by1 cases

This text of 1918 OK 78 (In Re Assessment of Conservative Loan Co.) is published on Counsel Stack Legal Research, covering Supreme Court of Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

In Re Assessment of Conservative Loan Co., 1918 OK 78, 173 P. 654, 67 Okla. 307, 1918 Okla. LEXIS 265 (Okla. 1918).

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Opinion

MILET, J.

Upon an appeal by the Conservative Loan Company; a domestic.corporation, from the assessment of its moneyed capital, surplus, and undivided profits as fixed by the county board of equalization, the district court held that under Ithe provisions of chapter 246, Session Laws 1913, p. 684, the mortgage securities on real estate in the state of Oklahoma owned by the corporation, subject to and on which the registration tax provided by that act had been paid, were exempt from ad valorem taxation, and that the corporation was entitled to the benefits of the exemption in the computation of the assessment on its moneyed capital, surplus, and undivided profits, and rendered judgment, fixing Ithe assessment accordingly. From this judgment an appeal is prosecuted on behalf of the state.

The only questions raised by appellant in this court are; First, that the portion of the act exempting such mortgages from ad valorem taxation is unconstitutional and void; and, second, that the corporation is not entitled to the benefit of the exemption in computing the assessment on the net value of the moneyed caníbal, surplus, and undivided profits. Both questions have been this day decided by this court adversely' to the contention of appellant in the Matter of the Assessment of the Oklahoma National Life Insurance Company, No. 7962, 68 Oklahoma, 173 Pac. 376. The able briefs and arguments of counsel in this case, ¡and also of the amici curiae, were considered by the court in that case, and upon the authority thereof the judgment and order of the court below is affirmed.

All the Justices concur, except SHARP, 0. J.. and THACKER, J.. absent and not par-ticipa ting.

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MILET, J.

Upon an appeal by the Conservative Loan Company; a domestic.corporation, from the assessment of its moneyed capital, surplus, and undivided profits as fixed by the county board of equalization, the district court held that under Ithe provisions of chapter 246, Session Laws 1913, p. 684, the mortgage securities on real estate in the state of Oklahoma owned by the corporation, subject to and on which the registration tax provided by that act had been paid, were exempt from ad valorem taxation, and that the corporation was entitled to the benefits of the exemption in the computation of the assessment on its moneyed capital, surplus, and undivided profits, and rendered judgment, fixing Ithe assessment accordingly. From this judgment an appeal is prosecuted on behalf of the state.

The only questions raised by appellant in this court are; First, that the portion of the act exempting such mortgages from ad valorem taxation is unconstitutional and void; and, second, that the corporation is not entitled to the benefit of the exemption in computing the assessment on the net value of the moneyed caníbal, surplus, and undivided profits. Both questions have been this day decided by this court adversely' to the contention of appellant in the Matter of the Assessment of the Oklahoma National Life Insurance Company, No. 7962, 68 Oklahoma, 173 Pac. 376. The able briefs and arguments of counsel in this case, ¡and also of the amici curiae, were considered by the court in that case, and upon the authority thereof the judgment and order of the court below is affirmed.

All the Justices concur, except SHARP, 0. J.. and THACKER, J.. absent and not par-ticipa ting.

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1918 OK 78, 173 P. 654, 67 Okla. 307, 1918 Okla. LEXIS 265, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-assessment-of-conservative-loan-co-okla-1918.

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