Hays v. Bank of Arizona

This is an appeal by Albert A. Hays, as receiver of J. D. Halstead Lumber Company, a corporation, hereinafter called the company, from a judgment in favor of the Bank of Arizona, a corporation, hereinafter called the bank. The facts of the case are not in serious dispute and may be stated as follows.

For many years C. W. Lincicum was the manager of the Williams branch of the company. He and his wife owned certain property in Williams, and on July 27, 1937, applied to the bank for a F. H. A. loan to build thereon. Plans and specifications were quickly approved but it took some time to clear the…