National Equity Life Insurance v. Seamster

The Farmers ’ Trust Company issued debenture bonds in the sum of $750,000 and pledged with a trustee real estate mortgage bonds to guarantee the outstanding debenture bonds. The trust agreement was duly executed and recorded in Benton County, the domicile of the Farmers ’ Trust Company and the trustee named. The First Mortgage & Investment Company took over the assets of the Farmers’ Trust Company and assumed its liabilities including the aforesaid debenture bonds. '

John R. Duty is the trustee in succession of the trustee named in the trust agreement and Bernal Seamster is the receiver of…