Cooper v. Corbin

Citations

• 105 Ill. 224
• 1883 Ill. LEXIS 84

Syllabus

<p>1. Former ad judication—whether a bar to subsequent suit or defence. Where a matter has been once litigated, and a judgment or decree rendered, in a court of competent jurisdiction, the judgment or decree must be regarded as final between the parties to the litigation, and those who claim under them after the rendering thereof.</p> <p>2. Where a receiver of a railroad company, appointed and acting under the direction of the circuit court of the United States, in 1877 filed a bill in the circuit court of Peoria county to enjoin the collection of the taxes levied upon the capital stock of the company for the years 1873, 1874 and 1875, which, on a hearing, was dismissed, it was held, that the decree in such casé was no bar to another bill filed by the purchasers of the railroad and its property, under a deed of trust, and whose title was acquired long after the filing of the first bill, to enjoin the collection of the same taxes by the sale of the rolling stock of the railroad company after its purchase, such purchasers not claiming under the receiver, for the reasons that neither the parties nor the subject matter are the same. The latter .bill presented the question that the purchasers acquired the property, by their purchase, free and clear of the taxes, which was not litigated in the former suit.</p> <p>3. Taxation—capital stock of a corporation—to be taxed as personal property. Capital stock of a corporation is personal property, being in its very nature changeable and transitory, and having no element to liken it to real estate. For the purpose of taxation it stands in the place of shares of capital stock, and when the latter is taxed the former is exempt; and shares of capital stock have always been regarded as personal property, in the same manner as promissory notes and bonds.</p> <p>4. Same—as to the lien of a personal property tax—when it attaches. Taxes on personal property are not a lien or charge upon any specific property until the tax books are deliv