Southland Inv. Co. v. Collins

BOULDIN, Justice.

This appeal involves a claim for preferential payment from the assets of an insolvent State Bank, in liquidation.

The agreed facts, in substance, are these:

Southland Investment Company, appellant, in consummation of a sale of corporate stock, sent by mail from Shreveport,. Louisiana, on January 16, 1931, the certificates of stock with draft 'attached to-Southside Bank in Birmingham, Alabama,, with directions to collect the draft and deliver the stock to the Birmingham purchaser, and remit the proceeds to appellant.

The draft, $575, was collected and the stock delivered. On…