New York Court of Appeals
The National Bank of Chemung, of Elmira, Appellant v. the City of Elmira, Respondent
May 27, 187353 N.Y. 49
Summary
The Court held that the city assessors lacked jurisdiction to tax the capital stock of a national bank under the 1866 statute, rendering the assessment and tax void. Consequently, the bank may recover the amount collected by the city, and the judgment was reversed with instructions for a new trial.