Territory of New Mexico v. Co-operative Building & Loan Ass'n

Citations

• 10 N.M. 337
• 10 Gild. 337

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Taxation — Mortgages.—Mortgages to secure loans of the corporation are personal property thereof, and subject to taxation under sections 4018 and 4019, C. L. 1897.</p> <p>2. Taxation — Shares of Stock — Assessed How. — The shares of stock of such corporations in this Territory are taxable under sections 4018 and 4019, whether pledged or unpledged, at their cash value and may be assessed in the name of the corporation, which, upon payment of the tax, may charge the same to the individual owners thereof upon the books of the corporation.</p> <p>3. Taxation — Exemptions.—Neither the shares of stock nor mortgages to secure loans of such corporations are exempt from taxation in this Territory.</p>