Legal Opinion
Pitts v. Pease
Court of Appeals for the Fifth Circuit
Decided March 24, 1930No. 5723PublishedCited by 4 opinions
1Opinion of the Court
BRYAN, Circuit Judge.
The appellant Pitts was indorser on two-notes, for $6,750 each, held by the New Georgia National Bank of Albany. The notes were secured by bonds of the Plint River Pecan Company of the par value of $163,900. An assessment of 10 per cent, upon the bonds was made against the bondholders for the purpose of retiring the notes at maturity. Assessments amounting to $8,644.50 were deposited in the bank by bondholders under an agreement that the legal title to the deposits should be in the bank but that the beneficial interest therein, subject to the bank’s rights,, should remain…
2Cases cited3 opinions
- Commercial Bank of Pa. v. ArmstrongSupreme Court of the United States · 1893
- Marine Bank v. Fulton BankSupreme Court of the United States · 1865
- Early & Daniel Co. v. PearsonCourt of Appeals for the Fifth Circuit · 1929
3Cited by4 opinions
- Keyes v. Paducah & IR Co.Court of Appeals for the Sixth Circuit · 1932
- Santee Timber Corporation v. ElliottCourt of Appeals for the Fourth Circuit · 1934
- In re Kountze Bros.District Court, S.D. New York · 1938
- Hanna v. Consolidated School Dist. No. 1 of Henry CountyCourt of Appeals for the Eighth Circuit · 1935