King Korn Stamp Co. v. Guaranty Bank & Trust Co.

An action was brought by plaintiff to recover from defendant the sum of $24,317.89, which sum the defendant had “set off” from the proceeds of a $50,000 certificate of deposit which was being held pursuant to a pledge and guaranty agreements given by plaintiff to secure a loan made by defendant to plaintiff’s debtor, Atlas-United Wholesale Company, Inc., hereafter referred to as Atlas-United.

The case came before the trial court upon the pleadings and the evidence. The court heard oral testimony and considered a stipulation of facts, the facts and documents contained therein, together with…