Oswego Bank v. Oswego Village

Headnote

A lank located in a village may be assessed for a village tax voted previous to the bank going into operation, if before the assessment be made the bank is deriving an income from its capital stock.

This was an action of trespass, brought by the bank of Os-wego against the president and trustees of the village of Os-wego, for the taking of $332 from the counter of the bank by the collector of the village, under a warrant issued by the defendants for the collection of a village tax, the sum taken being the amount assessed to the plaintiffs. The tax was voted at the annual village meeting in May, 1831, but the assessment was not completed until February, 1832. The Bank was incorporated the 14th March, 1831, but officers to conduct its affairs were not chosen until July, 1831; banking operations by the issuing of bills, &c. were not commenced until September following, and no dividend was declared until July, 1832, when

a dividend offive per cent, upon their capital stock was declared for the preceding ten months. The plaintiffs contended that under these circumstances they were not liable to be assessed, and the question was submitted to the court upon a case made.