ART. 81] CORPORATE BONDS, CERTIFICATES, ETC. 1895

This section does not constitute an illegal discrimination against national
banks under section 5219 of the Revised Statutes of the United States, it
not appearing that this section in its practical operation resulted in relieving
the capital of private banking firms from equal taxation, and all domestic
incorporated banks and trust companies being taxed at the same rate.
National Bank of Baltimore v. Baltimore, 92 Fed. 239 (affirmed in 100 Fed.
24).

Under this section and sections 2 and 94, mortgage bonds secured by
property in this state and owned by residents of Maryland, are taxable to
the owners thereof and not to the corporation itself, nor is there any other
provision of the law imposing such taxation upon the corporation. Consoli-
dated Gas Co. v. Baltimore, 101 Md. 556; Consolidated Gas Co. v. Baltimore,
105 Md. 50.

This state has power to tax stocks, bonds and certificates of debt of other
states and of corporations created by them when held by residents of Mary-
land, although such stocks, etc., are exempted from taxation by the state
Issuing them or creating the corporation. Appeal Tax Court v. Gill, 50 Md.
396.

This section referred to in deciding that a seat on the Baltimore stock
exchange was not taxable. Baltimore v. Johnson, 96 Md. 745.

This section referred to in construing section 162—see notes thereto.
Schley v. Montgomery County, 100 Md. 410.

Cited but not construed in Baltimore v. State, 105 Md. 11.

See sec. 207 and notes.

1904, art. 81, sec. 211. 1902, ch. 486, sec. 221.

215. All bonds, certificates of indebtedness or evidence of debt, in
whatsoever form, made or issued by any public or private corporation
incorporated by this State or any other State, territory, district or
foreign country, or issued by any State, territory, district or foreign
country, and all personal property of any kind whatsoever, not exempt
from taxation by the laws of this State, in which any resident of any
county of this State has an equitable interest, with the legal title to
the same in some other person or corporation who is a resident of some
other county of this State or of the city of Baltimore, or (in the case
of a corporation) which has its main office or principal place of busi-
ness in some other county in this State or in the city of Baltimore
shall be valued and assessed for the purposes of state and county taxa-
tion to the equitable owner thereof in the county in which he or she
resides, to the extent of his or her equitable interest as aforesaid, and
the taxes due thereon shall be paid by the holder of said legal title to
the collector of taxes for the county or city in which said property is
so valued and assessed. All provisions of this section, when they shall
become operative, shall repeal all laws or parts of laws, inconsistent
herewith, to the extent of such inconsistency.

This section is constitutional and valid, it being in pari materia with the
laws requiring corporations to pay the taxes on their stock for the share-
holders; the two laws should be construed together and the residence of the
cestui que trust treated as the situs for taxation. Cases distinguished. The
question of a conflict between this section and article 3, section 51, of the
state constitution, and of whether this section was intended to apply to
interests in lands, not passed on. Baltimore v. Safe Deposit Co. 97 Md. 660.
And see Baltimore v. Allegany County, 99 Md. 9.

As to the taxation of personal property in which a resident of Maryland
has an equitable interest, the legal title being in a non-resident, see sec. 2.
120