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payment of taxes, he must show that he is such minister, and that the value of both his real and personal property does not exceed $1,500. Prosser v. Secor, 5 Barb. 607 (1849).

Assessors held not liable in damages for assessing a minister of the gospel having less than $1,500 worth of property, on the ground that they had jurisdiction, such minister being a resident, and that the act was a judicial one. Vail v. Owen, 19 Barb. 22 (1854).

See Clark v. Norton, 58 Barb. 436 (1871); affirmed in 59 N. Y. 243; People ex rel. Westbrook v. Ogdensburg, 48 id. 390 (1872).

See Matter of Mayor of New York, 11 Johns. 80 (1814).

A minister of the "Reformed Church in America," in good standing, withdrawn from active duty as such by reason of old age and infirmity, but engaged in no secular occupation,- held, entitled to the $1,500 exemption. People ex rel. Mann v. Peterson, 31 Hun, 420 (1884).

12. All vessels registered at any port in this state and owned by an American citizen, or association, or by any corporation, incorporated under the laws of the state of New York, engaged in ocean commerce between any port in the United States and any foreign port, are exempted from all taxation in this state, for state and local purposes; and all such corporations, all of whose vessels are employed between foreign ports and ports in the United States, are exempted from all taxation in this state, for state and local purposes, upon their capital stock, franchises and earnings, until and including December thirty-first, nineteen hundred and twenty-two.

[Revisers' Note.-L. 1881, chap. 433; R. S., 8th ed., 1088, as amended by L. 1802, chap. 661, § 2; R. S., 8th ed., supp., 3247,

without change, except that the period of exemption is extended from May 17, 1922, to December 31, 1922.]

Vessels are not taxable in States where they are for the time being employed, other than that of the home port. Hays v. Pacific Mail S. S. Co., 17 How. (U. S.) 596 (1854).

It seems, that ships at sea, registered at a port within this State, and consequently having no situs elsewhere, are justly taxable to the resident owner. People ex rel. Hoyt v. Commrs. of Taxes, 23 N. Y. 244 (1861); reversing 33 Barb. 116.

The fact that a vessel is enrolled as a coaster at a port other than that where she is regularly registered does not make her subject to taxation at the port of such enrollment. Morgan v. Parham, 16 Wall. 471 (1872).

The personal property of a steamship company of this State, permanently located in its business out of the State - held, exempt from taxation here, and not to be valued in the assessment as part of its capital stock. People ex rel. Pacific Mail S. S. Co. v. Commrs. of Taxes, 46 How. Pr. 315 (1873).

Where vessels were being built in another State for the relator, a corporation of this State, under contracts which provided that it should have a lien on and ownership in the vessels as the building progressed up to the amounts paid, and that the builder should insure for the benefit of the relator, and payments had been made but no vessel had been delivered held, that the title remained in the builder; the interest of the relator was in the nature of a lien, and the amounts expended therefor were taxable in New York, and that only an absolute ownership would convert such amounts into vessels having a situs elsewhere. The situs for purposes of taxation of sea-going vessels is the port where they are registered under the laws of the United States as their home port, without regard to the place of their employment. People ex rel. Pacific Mail S. S. Co. v. Commrs. of Taxes, 58 N. Y. 242 (1874); affirming 1 Hun, 143.

13. A bond, mortgage, note, contract, account or other demand, belonging to any person not a resident of this state, sent to or deposited in this state for collection; the products of another state, owned by a nonresident of this state and consigned to his agent in this state for sale on commission for the benefit of the owner; moneys of a nonresident of this state, under the control or in the possession of his agent in this state, when transmitted to such agent for the purpose of investment or otherwise.

[Revisers' Note.-R. S., pt. I, chap. 13, tit. II, § 5, 8th ed., 1094,

R. S., pt. 1, chap. 13, tit. V, § 3; 8th ed., 1160,
re-enacted in part, without change of substance.
of Wayne, 78 N. Y. 561.]

See Williams v. Supervisors

An agent, resident in this State, for the owner of contracts for the sale of lands, who resided in another town of this State, was assessed and taxed upon the contracts in his hands. Held, erroneous. Lord v. Arnold, 18 Barb. 104, Erie Gen. T. (1854).

Under 1 R. S. 389, § 5, exempting agents of moneyed corporations or capitalists from taxation for any moneys in their possession or under their control, transmitted to them for the purpose of investment, or otherwise, and under 1 R. S. 419, § 3, exempting demands belonging to nonresidents and sent to this State for collection, foreign capital sent here for investment, is protected from taxation though the securities received therefor are left here with the agents of the owner for collection.

Williams v. Supervisors of Wayne, 78 N. Y. 561 (1879); reversing 14 Hun, 343.

The assessment of bonds and mortgages, some of them sent by a nonresident for collection, the residue, reinvestments made by the agent in whose hands they were taxed,- held, erroneous, and the amount of the tax thereof subject to be refunded. Id.

The provisions of Laws of 1855 (chap. 37, § 7 of this chapter) subject ing the capital of nonresidents, employed in business in this State.held, not to affect the exemptions of the Revised Statutes from which this subdivision is derived. Id.

Funds sent to New York for investment are not taxable here. People ex rel. Ferrer v. Commrs. of Taxes, 42 Hun, 560 (1886).

Under 1 R. S. 389, § 5, as amended by Laws 1851, chap. 176, § 2, which provides that every person shall be assessed in the town or ward where he resides for all personal estate in his possession or under his control as agent, trustee, etc., the committee of a lunatic cannot be taxed for the trust property at his own residence, where the lunatic's residence is in another town. It seems that the personal estate of the lunatic should have been assessed at his place of residence. People ex rel. Smith v. Commrs. of Taxes, 100 N. Y. 215 (1885); reversing 36 Hun, 359.

The personal property of a resident of the State, in the hands of an agent living in another county, but subject to the control of the owner, should not be taxed to the agent under Laws 1851, chap. 176, § 2, amending 1 R. S. 389, § 5. Boardman v. Supervisors of Tompkins, 85 N. Y. 359 (1881).

Debts due nonresidents on contracts for the sale of real estate situated within the State and not within the village, being personal property, are taxable by the village assessors against the agent holding them. People v. Willis, 133 N. Y. 383; S. C., 45 N. Y. St. Repr. 221 (1892). Such deb s are not exempt from taxation under 1 R. S. 419, § 3, as in the State for collection, nor under 1 R. S. 389, § 5, as amended by Laws 1851, chap. 176, as in the hands of an agent for investment. Id. The asesssment need not specify the name of the nonresident owner. Id.

An administrator under ancillary letters of administration appointed in 1882 instituted proceedings by certiorari to vacate an assessment made in 1890 by the tax assessors upon the assets of the estate in his hands, to which it appeared that the decedent had been a resident of Scotland, that his property here consisted principally of debts due on bond and mortgage from residents in this State, and that the residuary legatees were all resident here. Held, that the assessment was proper; that relator was not entitled to exemption under 1 R. S. 389, § 5, as an agent holding funds for investment, nor under 1 R. S. 419, § 3, as an agent to whom demands were sent for collection; that a sufficient time hid elapsed to change the character of the funds if they had originally been

sent for investment; that it was his duty to distribute the assets, and that the resident distributees could not, by leaving the funds in his hands, obtain exemption from taxation. People ex rel. Cochrane v. Coleman, 128 N. Y. 524; affirming 38 N. Y. St. Repr. 118; S. C., 14 N. Y. Supp. 565.

14. The deposits in any bank for savings which are due depositors, the accumulations in any domestic life insurance corporation, held for the exclusive benefit of the insured, other than real estate and stocks, now liable for taxation; and the accumulations of any incorporated co-operative loan association upon the shares of such association held by any person.

[Revisers' Note.-L. 1857, chap. 456, § 4; R. S., 8th ed., 1087,

Banking L. (L. 1892, chap. 689), § 191; R. S., 8th ed., supp., 4185, without change in substance.]

Since the enactment of Laws 1857, chap. 456, § 4, a savings bank cannot be taxed on the deposits due from it. People ex rel. Ithaca Savings Bank v. Beers, 67 How. Pr. 219 (1883).

The reference of the revisers should have been to section 187 of the Banking Law, as amended by Laws 1894, chap. 705. The section would seem to materially extend the provisions of the Banking Law, which is as follows: "All accumulations upon shares in said association held by any person shall be exempt from execution and proceedings supplementary thereto to the amount of $600; and the association itself shall be deemed an institution for savings, and not taxable under any tax law which shall exempt savings banks or institutions for savings from taxation," etc.

15. Moneys collected in the course of the business of any corporation, association or society doing a life or casualty insurance business or both, upon the co-operative or assessment plan, and which are to be used for the payment of assessments, or for death losses or for benefits to disabled members.

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[Revisers' Note.-L. 1884, chap. 353, § 1; R. S., 8th ed., 1711, without change of substance.]

16. The owner or holder of stock in an incorporated company liable to taxation on its capital, shall not be taxed as an individual for such stock.

[Revisers' Note.-R. S., pt. I, chap. 13, tit. I, § 7; 8th ed., 1084,

without change of substance.]

People ex rel. Lincoln v. Town of Barton, 44 Barb. 158 (1865); S. C., 29 How. Pr. 372 (1865).

Shares of stock of corporations created under the laws of this State are not taxable in the hands of the stockholders.

Nor are shares of stock of corporations created by other States taxable, since the presumption is that they are taxed upon their capital in the home States. Negotiable bonds being evidence of a fixed indebtedness are taxable at their actual value. People ex rel. Trowbridge v. Commrs. of Taxes, 4 Hun, 595 (1st Dept. 1875); affirmed, 62 N. Y. 630.

A corporation is not subject to taxation upon stock of another corporation owned by it and the capital of which is taxable, any more than an individual stockholder would be. People ex rel. Brooklyn Traction Co. v. Board of Assessors, 61 N. Y. St. Repr. 480; S. C., 30 N. Y. Supp. 448 (1894).

17. The personal property in excess of one hundred thousand dollars of a mutual life insurance corporation incorporated in this state before April tenth, eighteen hundred and forty-nine.

[Revisers' Note.-L. 1853, chap. 469; R. S., 8th ed., 1677,

L. 1855, chap. 83; R. S., 8th ed., 1677,

without change of substance.]

Personal Property of Corporations and Individual Fankers.

By section 222 of this chapter the personal property of every corporation paying a tax, other than an organization tax, under article IX hereof, is exempt from taxation for State purposes.

Exemptions of Co-operative Insurance Companies.

L. 1881, chap. 353, § 1.

§ 1. All money, benefits, charity, relief or aid, received or collected by any corporation, association or society doing a life or casualty insurance business, or both, upon the co-operative or assessment plan, pursuant pursuant to the provisions of an act entitled "An act to provide for the incorporation and regulation of co-operative or assessment life or casualty insurance associations and societies," passed April 2, 1883; and which money, benefits, charity, relief or aid are derived from admission fees, dues and assessments, or any interests or other accretions thereon, and which are to be used for the payment of assessments, or for death losses, or for benefits to disabled members, shall be exempt from assessment and taxation.

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