Wells Fargo Bank & Union Trust Co. v. McDuffie

GARRECHT, Circuit Judge.

On July 12, 1930, the appellee Rich-field Oil Company of California borrowed the sum of $625,000 from appellant for which it executed and delivered to appellant its promissory note of even date. This note was unsecured at the time of its execution.

Later, appellant’s foreign department entered into a series of transactions with Richfield involving the latter’s foreign drafts. Appellant, as a result of these transactions, received the possession of a large number of these drafts, during the period commencing with the early part of October, 1930, and ending with the…