Commercial Discount Co. v. County of Los Angeles

This is an appeal from a judgment in favor of the defendants in an action to recover taxes paid under protest. The judgment was entered after a demurrer to the complaint had been sustained without leave to amend.

The plaintiff is a California corporation engaged in the business of lending money to finance the purchase and sale of automobiles. On March 4, 1936, it owned solvent credits in the admitted sum of $3,666,322.76 and had other obligations owing to it in the sum of $1,611,967.24, which were secured by trust receipts. The defendant county assessor assessed all these credits to the…