Bach v. First National Bank

On July 24, 1925, one Joseph A. Schellenger was the owner of an eighth interest in certain oil and gas leases, and on that day he executed his note to The •First National Bank of Vincennes in the principal sum of $4600.00, and, as collateral security for said note, executed an absolute assignment of his interest in said leases, in writing, to said bank, which assignment was duly recorded August 4, 1925. Contemporaneously therewith said bank executed to Schellenger an agreement whereby it was stipulated that the assignment was made for the purpose of securing the $4600.00 note and any renewals…