Planters' Bank & Trust Co. v. Guilbeau

LE BLANC, Judge.

Planters’ Bank & Trust Company held certain mortgage notes executed by W. B. Powers and others, aggregating the sum of $2,300. Powers Bros, held a promissory note of the defendant, Guilbeau, in the sum of $900, payable to their order, which they in turn indorsed through one of the copartners, W. B. Powers, and pledged to the bank as collateral security for the payment of their mortgage notes, This note of Guilbeau was dated February 13, 1931, and had been reduced by seven payments of $75 each, which had been made to the bank.

In the course of time, the liquidators of the bank…