William R. Day

“ Section 1 of the act of 1898, passed by the general assembly of the state, defines 'property' to include 'all personal property, all rights, credits, bonds, and securities, promissory notes, open accounts, and other obligations, all cash, all money loaned at interest, and all movable and immovable, corporeal and incorporeal articles or things of value owned and held and controlled within the state of Louisiana by any person in any capacity whatsoever.' Section 7 of the act provides that it shall be the duty of the assessor to place upon the tax roll all property subject to taxation. ”

“ The difficulty arises in determining whether a credit or chose in action has acquired a local situs in contemplation of law at a place other than the domicil of the owner in such sense as will permit the state to tax it in the place of its localization. ”

“ The customer applies for a loan of money, and offers as security a bill of lading or other collateral, and the money is paid to him. Instead of a note the Comptoir takes the check of the customer, which is regarded as an overdraft, upon which the customer can make payment from time to time and upon which he is charged interest, and, upon the nonpayment of the check, the collateral is subject to sale. ”