FLEET NAT. BANK v. CLARK

No. 95-696-M.P.

714 A.2d 1172 (1998)

FLEET NATIONAL BANK v. R. Gary CLARK, Tax Administrator for the State of Rhode Island.

Supreme Court of Rhode Island.

June 24, 1998.


Attorney(s) appearing for the Case

Alfred S. Lombardi, Providence, for Plaintiff.

Marcia McGair Ippolito, Providence, Bernard J. Lemos, Cumberland, for Defendant.

Before WEISBERGER, C.J., and LEDERBERG, FLANDERS and GOLDBERG, JJ.


OPINION

FLANDERS, Justice.

This case requires us to determine whether certain offshore commercial-bank deposits were exempt from Rhode Island's bank-deposits tax during the tax years ending November 1986 through 1988. The deposits in question were located at a Grand Cayman branch of the respondent Fleet National Bank (Fleet), which was then a Providence-based banking institution. These types of deposits were known as Eurodollar time deposits ...

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