Carstens

The appellants presented a claim against the bankrupt’s estate, which was allowed in the sum of $898.48, whereas they contend that it should have been allowed in the sum of $7,-616.70. The referee reduced the claim by disallowing (1) the item of $1,384.73 for the Commercial Waterway District -No. 1 assessment for 1919 against the property which the appellants had leased to the bankrupt; (2) by offsetting against the claim the sum of $2,841.75, the amount paid by the bankrupt for .such waterway district assessments for the years 1917 and 1918; and (3) by offsetting against the claim the sum of $2,-500, the amount of a deposit made by the bankrupt when the lease was entered into, to guarantee the faithful performance of its terms. The court below affirmed the referee’s report.

The lease was for a term of 5 years, and it required the bankrupt to pay “the annual taxes” on the property. The appel *323 lants contend that this was equivalent to an obligation to pay all taxes including the Commei'eial Waterway District No. 1 assessment. W o think that tho term “annual taxes” as used in the lease had reference to taxes for general revenues for the purpose of maintaining and carrying on…