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FIRST TENNESSEE BANK, N.A. v. OLSEN

736 S.W.2d 601 (1987)

FIRST TENNESSEE BANK, N.A. CHATTANOOGA, et al., v. Martha B. OLSEN, Commissioner of Revenue. BANK OF KNOXVILLE, et al., v. Martha B. OLSEN, Commissioner of Revenue. COMMERCE UNION BANK—JOHNSON CITY, et al., v. Martha B. OLSEN, Commissioner of Revenue.

Supreme Court of Tennessee, at Nashville.

September 14, 1987.

Attorney(s) appearing for the Case

W.J. Michael Cody, Atty. Gen. and Reporter, Joe C. Peel, Asst. Atty. Gen., Nashville, for appellant.

John C. Speer, Charles T. Tuggle, Jr., William H.D. Fones, Jr., Heiskell, Donelson, Bearman, Adams, Williams & Kirsch, Memphis, for First Tennessee Bank, N.A. Chattanooga, et al.

Stephen K. Rush, G. Michael Yopp, Paula W. Reed, Farris, Warfield & Kanaday, Nashville, for Bank of Knoxville, et al.

Robert J. Warner, Steven L. Gill, Dearborn & Ewing, Nashville, for Commerce Union Bank — Johnson City, et al.

DROWOTA, Justice.

This tax refund suit consists of three companion cases, which are themselves consolidated actions brought by numerous banking institutions, seeking to recover excise taxes assessed and paid under protest. Initially, the Plaintiffs raised several issues at trial, but only one issue survives and is presented on appeal: Whether interest income from obligations issued by either Federal National Mortgage Association (FNMA) or Government National Mortgage...

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