City & County of San Francisco v. La Societe Francaise D'Epargnes Et De Prevoyance Mutuelle

This is an action to recover five thousand eight hundred and fifty-one dollars and sixty cents alleged to he due to plaintiff from defendant as taxes for the fiscal year ending June 30, 1897, on solvent credits, admitted to be owned by defendant, aggregating three hundred and forty-eight thousand seven hundred and twenty-one dollars and secured by nontaxable stocks and bonds.

Plaintiff had judgment for the full amount demanded, from which defendant appeals and urges as the grounds thereof: 1. That the credits are not taxable because they are secured by pledge of property not taxable; 2. The assessor had no right or power to assess the said credits, because defendant had already handed in a sworn statement of its property for said fiscal year, which was listed to it, assessed, and the taxes thereon collected by the assessor (it all being personal property); and the said credits were not included in said statement nor in said assessment, but in an additional assessment, made by the assessor subsequent to payment made by defendant as aforesaid and not based on any sworn statement.

1. We are of the opinion that loans or solvent credits secured by pledge on nontaxable property are…