Salem Trust Co. v. Federal Nat. Bank

BREWSTER, District Judge.

This bill in equity is brought by the Salem Trust Company, now in possession of the commissioner of banks of the commonwealth of Massachusetts, to set aside a transfer of certain notes, mortgages, and other securities given as collateral to secure a note of $90,000 made by the Salem Trust Company, payable to the Federal National Bank, and to recover possession of such securities and to establish a trust in the proceeds derived from such collateral. The merits of the controversy were heard by Judge Lowell, who died before any decision had been handed down. Parties…