Lee v. Sabine Bank

OPINION

DIES, Chief Justice.

Raymond E. Lee and Lee Towing Company, Inc., as plaintiffs below, sued Sabine Bank, as defendant below, alleging that plaintiff (for simplicity, the singular will be used and the parties referred to herein as they were below) financed a pushboat with the defendant and transferred as security therefor a first preferred maritime mortgage on the vessel, together with an assignment to defendant of three life insurance policies. That the parties agreed at the time of the loan transaction the assignment of the life insurance policies was only to assure the bank examiners,…