Barnett v. Kennedy

S. G. Kennedy, trustee for Kennedy Building Trusts, commenced this action against W. J. Barnett, State Bank Commissioner, R. M. McCool, liquidating agent for the Exchange Trust Company, and the Exchange Trust Company. Judgment was for plaintiff, and defendants appeal. The parties will be referred to as in the trial court.

Plaintiff alleged that it was the owner of an obligation denominated as a guaranteed first lien participation certificate issued by the Exchange National Company, dated August 23, 1928, in the principal sum of $403,-873.86, bearing interest at the rate of five and one-half…