Reconstruction Finance Corp. v. Asher

ALEXANDER, Justice.

At the time the First National Bank of Lott went into the hands of a receiver it owned a note against Claud Asher for an amount in excess of $400, secured by a lien on certain personal property. Said note was then held by the Federal Reserve Bank as collateral to secure indebtedness owing to it by the defunct bank. Asher’s account in said bank showed a credit in his favor of $94.07. Subsequently, he made payments to the receiver in amounts sufficient to reduce his note to $94.07, and then entered into a written agreement with said receiver by which it was agreed that, when…