Interstate Trust & Banking Co. v. Breckinridge

ODOM, Justice.

The Mortgage & Securities Company, hereinafter referred to as the Company, was a Louisiana corporation domiciled in New Orleans and, according to the agreed statement of facts, “for many years, did a large and extensive business in the underwriting and sale of various types of securities”. The Company w'as placed in receivership on August 8, 1929.

On August 1, 1924, the Company entered into an agreement, evidenced by writing, with the Canal Commercial Trust and Savings Bank of New Orleans (the name of the bank being later changed to Canal Bank and Trust Company), referred to as a…