Bank of America National Trust & Savings Ass'n v. Robinson

The Bank of America National Trust and Savings Association has appealed from an order of the probate court denying priority of its claim against the estate of Mary Stewart Smith, deceased, which obligation is represented by unsecured notes executed pursuant to a previous order procured under the provisions of section 1577a of the Code of Civil Procedure to carry on the farming and orchard business of the decedent. It is asserted this obligation is entitled to priority over the ordinary debts of the estate on the theory that the purpose for which the loan was secured characterizes it as money…