Summary
In People ex rel. Guaranty Trust Co. v. Lynch (265 N.Y. 593) we considered a franchise tax assessed under article 9-A of the Tax Law against "United States Shares Corporation, Assignatory Corporation, Series A," an investment trust, created by an agreement which provided that the grantor would transfer certain designated units of stock to the trustee and that the trustee would hold the stocks upon the trust set forth in the agreement and upon receipt of each unit would deliver to the grantor 1,000 trust shares or certificates of beneficial interest.
Summary of this case from Matter of City Bank Farmers Tr. Co. v. GravesOpinion
Argued October 11, 1934
Decided October 26, 1934
Appeal from the Supreme Court, Appellate Division, Third Department.
Bernhard Knollenberg, Harry J. Rudick and Joseph W. Wyatt for appellant.
John J. Bennett, Jr., Attorney-General ( Wendell P. Brown of counsel), for respondents.
Order affirmed, with costs; no opinion.
Concur: POUND, Ch. J., CRANE, O'BRIEN, HUBBS, CROUCH and LOUGHRAN, JJ. Not voting: LEHMAN, J.