Central-Penn National Bank v. Firestone Tire & Rubber Co.

Opinion by

Baldrige, J.,

The plaintiff, Central-Penn National Bank of Philadelphia, owner in 1938 and 1939 of 50 and 46 respectively of defendant’s debenture bonds, each in the sum of $1,000, brought suit to recover capital stock taxes paid the State Treasurer in the sums of $225 and $230 with interest.

Section 11 of the defendant’s agreement, under the terms of which the bonds were issued, provided as follows: “The Company will reimburse to the respective owners of Debentures any taxes, other than estate, succession, income or inheritance taxes ('but specifically including, without limiting the…