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.