Worcester County Institution for Savings v. City of Worcester

Massachusetts Supreme Judicial Court

Worcester County Institution for Savings v. City of Worcester

64 Mass. 128

CourtMassachusetts Supreme Judicial Court

DecidedOctober 15, 1852

StatusPublished

This text of 64 Mass. 128 (Worcester County Institution for Savings v. City of Worcester) is published on Counsel Stack Legal Research, covering Massachusetts Supreme Judicial Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Worcester County Institution for Savings v. City of Worcester, 64 Mass. 128 (Mass. 1852).

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Opinion

Metcalf, J.

The only question in this case is, whether the plaintiffs were legally taxed for the bank stock in which they had invested the money received by them on deposit. And we deem it very clear that they were not. They pay interest on the deposits received by them; Rev. Sts. c. 36, § 81; and the several depositors are taxable as for money at interest. Rev. Sts. c. 7, § 4. It is true that the plaintiffs receive interest, by way of dividends, on the deposits which they invest in bank stock; but as they pay interest to the depositors, they are not taxable for the money thus at interest ; because, by Rev. Sts. c. 7, § 4, it is only “ moneys at interest, due to the persons to be taxed, more than they pay interest for,” that are taxable.

This case is not distinguishable from that of banks and manufacturing corporations, in which the stockholders, and not the corporations, are taxable for the stock, with the single exception of machinery employed in manufactures. Rev. Sts. c. 7, § 10. Defendants defaulted.

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Metcalf, J.

The only question in this case is, whether the plaintiffs were legally taxed for the bank stock in which they had invested the money received by them on deposit. And we deem it very clear that they were not. They pay interest on the deposits received by them; Rev. Sts. c. 36, § 81; and the several depositors are taxable as for money at interest. Rev. Sts. c. 7, § 4. It is true that the plaintiffs receive interest, by way of dividends, on the deposits which they invest in bank stock; but as they pay interest to the depositors, they are not taxable for the money thus at interest ; because, by Rev. Sts. c. 7, § 4, it is only “ moneys at interest, due to the persons to be taxed, more than they pay interest for,” that are taxable.

This case is not distinguishable from that of banks and manufacturing corporations, in which the stockholders, and not the corporations, are taxable for the stock, with the single exception of machinery employed in manufactures. Rev. Sts. c. 7, § 10. Defendants defaulted.

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Bluebook (online)

64 Mass. 128, Counsel Stack Legal Research, https://law.counselstack.com/opinion/worcester-county-institution-for-savings-v-city-of-worcester-mass-1852.