State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter77 > 77-107

77-107. Credits, defined.The word credits includes corporation shares of stock, accounts, contracts for cash or labor, bills of exchange, judgments, choses in action, liens of any kind, other than real estate mortgages, securities, debentures, bonds, other than those of the United States, annuities, and all other demands for labor or other valuable thing, whether due or to become due. SourceLaws 1903, c. 73, § 5, p. 389; R.S.1913, § 6293; Laws 1921, c. 133, art. I, § 6, p. 546; C.S.1922, § 6813; C.S.1929, § 77-106; R.S.1943, § 77-107.AnnotationsCredits include open accounts owing by school district. Stephenson School Supply Co. v. County of Lancaster, 172 Neb. 453, 110 N.W.2d 41 (1961).Debts due are credits and are taxable. International Harvester Co. v. County of Douglas, 146 Neb. 555, 20 N.W.2d 620 (1945).Warrants of city are exempt from taxation. Droll v. Furnas County, 108 Neb. 85, 187 N.W. 876 (1922).Cause of action in tort is not a right in property within meaning of revenue laws. Seward County v. Jones, 105 Neb. 705, 181 N.W. 652 (1921).Credits were construed to mean net credits. Nye-Schneider-Fowler Co. v. Boone County, 102 Neb. 742, 169 N.W. 436 (1918).