Security Savings Bank v. City & County of San Francisco

—This action was brought to recover the amount of certain taxes for the fiscal year 1896-97, paid by the plaintiff corporation under protest.

There were due to the plaintiff in May, 1896, upon outstanding solvent loans theretofore made by it, and secured by pledge of divers stocks and bonds, the sum of $578,200, and the further sum of $30,000, evidenced only by the promissory note of the borrower. In the statement delivered to the assessor by said plaintiff, of its property subject to taxation for said fiscal year, no mention was made of said outstanding loans. The assessor thereupon notified…