United States v. Seattle-First National Bank
321 U.S. 583 (1944)

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U.S. Supreme Court

United States v. Seattle-First National Bank, 321 U.S. 583 (1944)

United States v. Seattle-First National Bank

No. 267

Argued February 7, 8, 1944

Decided March 27, 1944

321 U.S. 583

Syllabus

Under authority of § 3 of the National Banking Act, as amended, and pursuant to a consolidation agreement, a state bank was consolidated in 1935 with a national banking association. The transfer to the consolidated association of title to the property of the state bank was not evidenced by deed, conveyance, assignment or other instrument.

Held:

1. In respect of (a) securities held by the state bank as legal and beneficial owner and (b) securities to which the state bank held legal title in fiduciary capacities, the transfer was "wholly by operation of law" within the meaning of Treasury Regulations 71 (1932 ed.), Arts. 34(r) and 35(r), and thereby exempt from the stamp tax imposed by § 800, Schedule A, pars. 3 and 9, of the Revenue Act of 1926, as amended. P. 321 U. S. 588.

2. The transfer to the consolidated association of the realty of the state bank was not subject to the stamp tax imposed by § 800, Schedule A-8, of the Revenue Act of 1926, as amended, since the property was not conveyed by any "deed, instrument, or writing," was not "sold," and there was no "purchaser." P. 321 U. S. 589.

136 F.2d 676 affirmed.

Page 321 U. S. 584

Certiorari, 320 U.S. 723, to review the affirmance of a judgment for the plaintiff, 44 F.Supp. 603, in a suit to recover sums paid as taxes.

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