Founders Inc. v. Kelm

BELL, District Judge.

This is a tax recovery suit in which plaintiff seeks to recover $4,964.41 documentary stamp taxes, paid under protest upon the three instruments here involved.

Under date of September 1, 1945, Founders Incorporated (whose former corporate name was Gamble Stores Incorporated) entered into a loan agreement with Continental Illinois National Bank and Trust Company of Chicago, providing for the extension of certain notes, then outstanding with the Bank. Two other banks, First National Bank of Minneapolis and Northwestern National Bank of Minneapolis, participated with…