Pierce

The city of Woodland assessed the Bank of Woodland, the form of the assessment being as follows: “Solvent credits, money loaned on wheat, $65,000.” The Bank of Woodland contested the assessment, and brought injunction to restrain the collection of the taxes. It prevailed in the trial court, and the defendant, treasurer and tax-collector of the city, appeals.

Plaintiff’s contention in the trial court was based upon section 4 of article XIII of the constitution, as follows: “A mortgage, deed of trust, contract, or other obligation by which a debt is secured, shall, for the purposes of assessment and taxation, be deemed and treated as an interest in the property affected thereby. Except as to railroad and other quasi-public corporations, in case of debts so secured, the value of the property affected by such mortgage, deed of trust, contract, or obligation, less the value of such security, shall be assessed and taxed to the owner of the property and the value of such security shall be assessed and taxed to the owner thereof in the county, city, or district in which the property affected thereby is situate. The taxes so levied shall be a lien upon the property and security, and may…