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Rosenblatt v. Johnston

104 U.S. 462, 26 L. Ed. 832, 1881 U.S. LEXIS 2025
CourtSupreme Court of the United States
DecidedJanuary 16, 1882
Docket667
StatusPublished
Cited by56 cases

This text of 104 U.S. 462 (Rosenblatt v. Johnston) is published on Counsel Stack Legal Research, covering Supreme Court of the United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Rosenblatt v. Johnston, 104 U.S. 462, 26 L. Ed. 832, 1881 U.S. LEXIS 2025 (1882).

Opinion

Mr. Chief Justice Waite

delivered the opinion of the court.

The .single question in this case is, whether the personal assets and personal property of an insolvent national bank in the hands of a receiver appointed by the Comptroller of the Currency, in accordance with the provision of sect. 5234 of the" Éevised Statutes, are exempt from taxation under State laws, and we have no hesitation in saying that in our opinion they are. Such property and assets, in legal contemplation, still belong to the bank, though in tfie hands of a receiver, to be' administered under the law. The bank did not cease to exist on the appointment of the receiver. Its corporate capacity continues until its affairs are finally wound up and its assets distributed. ■ Bank of Bethel v. Pahquioque Bank, 14 Wall. 383; Kennedy v. Gibson, 8 id. 498 ; Bank v. Kennedy, 17 id. 19. If the shares have any value, they are taxable in the hands of the holders or owners, under sect. 5219 of the Revised Statutes ; but the property held by the receiver is exempt to the same extent it was before his appointment.

Decree affirmed.

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Bluebook (online)
104 U.S. 462, 26 L. Ed. 832, 1881 U.S. LEXIS 2025, Counsel Stack Legal Research, https://law.counselstack.com/opinion/rosenblatt-v-johnston-scotus-1882.