Montana Attorney General Opinion 15-442

Opinion No. 442. Banks and Banking-Closed Banks- Taxation. HELD: A bank closed on March 4, H)33, by proclamation of the Go,'ernor, OPI~IOXS OIl' THE ATTORNEY GEXERAL 307 which did not re-open for business, can- 1I0t be assessed on its moneyed capital but must be assessed on its solvent credits like any other corporation. February 6, 1934. On Saturday, 1:1arch 4, 1933 at 9 :45 A. M., the Go\'emor of the State of 1Iontana declared a bank holiday com- mencing immediately. The Conrad Banking Company of Great Falls, in accordance with the proclamation of the Governor, did not open the bank for husiness on that day and thereafter re- mained closed and was placed in charge of a liquidating agent under the Super- intemlent of Banks. The question you have suhmitted is whether the Conrad Banking Company should be assessed as a bank on its moneyed capital or as any other corporation on its solvent credits. Assessment of property is made on the status existing at 12 :00 o'clock M., 011 the first Monday of March each year. (Section 2002 R. C. M. 1921.) Section 95, Chapter 89, Laws of 1927 provides: "Whenever any bank ceases to do business as a bank no taxes shall be le\'ied or collected in accordance with the laws governing the assessment of banks, but its property shall be as- sessed in accordance with the laws governing the assessment of similar property of private corporations." Since the Conrad Banking Company had ceased to do business as a bank before the first Monday of March, 1933, under the provisions of the fore- going quoted statute, taxes could not he levied on its moneyed capital as a banking institution but its property should have been assessed in accord- ance with the laws governing the as- sessment of similar property of private corporations. The bank should there- fore ha\'e been assessed on its solvent credits.