Metropolitan Life Insurance v. Lamb

Litz, Judge:

This is a suit to establish a preference against an insolvent bank.

On October 13, 1921, plaintiff, Metropolitan Life Insurance Company of New York, and Security Bank & Trust Company, a banking institution of Charleston, West Virginia, entered into a written contract whereby the bank agreed to act as correspondent for the insurance company for the purpose of submitting to the company for purchase loans secured by mortgages or deeds of trust and to collect and promptly remit to the company by New York Exchange the interest on and principal of such loans as might be purchased by the…