Merchants & Marine Bank v. Hibernia Bank & Trust Co.

BORAH, District Judge.

This action involves the right of plaintiff to set off its deposit balance against.a certain promissory note payable to the order of the Hibernia Bank & Trust Company dated February 20, 1933, and due March 22, 1933.

The record supports the following conclusions as to the material facts: On January 21, 1933 plaintiff herein executed and delivered to Hibernia Bank & Trust Company its promissory note in the amount of $20,000, due on February 20, 1933, and attached certain collateral to secure same. On February 6, 1933, the Hibernia Bank & Trust Company, by authority of its…