California Bank v. Traeger

This is a suit in interpleader brought by the California Bank, which has deposited the personal property in court, to have the conflicting claims of defendants to said property settled and their rights thereto determined. The property involved originally consisted of a $40,000 promissory note executed by Milton Sills to the Wake Development Company and secured by a mortgage on real property, which note and mortgage were in the possession of the bank as collateral security. As payments were made on said promissory note, other securities in the form of gold bonds were purchased. At the time of…