Saup v. J. S. Morgan & Co.

Citations

• 108 Ill. 326
• 1884 Ill. LEXIS 1480

Syllabus

<p>1. Taxation—tax on capital stock is a personal tax. Capital stock of a corporation is personal property, having no ingredient of real estate, and hence a tax levied on it is clearly a personal tax, and becomes a lien on personal property only from the issue of the warrant for its collection.</p> <p>2. Same—Hen lost by return of warrant. The lien of a collector’s warrant upon personal property of the tax debtor for his personal tax expires on the return of the warrant to the county clerk, and the issue of a subsequent warrant for the collection of such tax will not affect the rights of an intermediate purchaser of personal property from the tax debtor, and he will take the property free from any lien on the part of the State; and if it is attempted to be levied on for such taxes, the levy may be perpetually enjoined on bill by such purchaser.</p>