Parsons v. East St. Louis Gas Light & Coke Co.

Citations

• 108 Ill. 380
• 1884 Ill. LEXIS 1489

Syllabus

<p>1. Taxation—when a personal tax. Taxes assessed on the capital stock of a corporation are a personal property tax.</p> <p>2. Same—when personal tax becomes a lien. A tax on personal property does not become a lien on any personal property until the tax books are delivered into the hands of the collector, and it does not become a lien on real estate until the collector, on failure to collect the tax from personal property, charges the same on such real estate in his application for judgment for delinquent taxes.</p> <p>3. Same—priority of lien of trust deed. A corporation being liable for taxes on its capital stock, gave a deed of trust upon all its property, real and personal, which was duly recorded, after which recording its personal property tax was sought to be charged by the collector against the real estate embraced in the trust deed: Held, that any lien in respect to such taxes was subsequent to that of the deed of trust, and was to be held subordinate thereto.</p> <p>4. Trust deed—construed as to payment of taxes. A deed of trust given by a corporation provided that on default in any of its terms the trustees were authorized to enter upon the premises and property conveyed, operate the same, and collect all income, rents and profits, and after deducting “all payments for taxes, assessments, charges and liens upon the premises,” etc., to apply the same to the debt secured: Held, that such provision constituted no such an agreement on the part of the trustees to pay the taxes on the mortgaged property as a county could enforce as a promise in its favor. By such provision the trustees were authorized to pay taxes and reimburse themselves out of the property, but it imposed on them no obligation to make such payment.</p>