First Nat. Bank of Coolidge v. Miller

STANFORD,. J.

W. C. Miller, who had formerly been associated with his fathér, F. H. Miller, in buying cotton under the firm name of F. H. Miller & Son, in the fall of 1921 went to Coolidge to buy cotton during the fall of 1921, and made application to appellant for a line of credit to enable him to do so. The method pursued was for the cotton buyer, on the purchase of cotton, to issue to the seller cotton acceptances, which, together with the cotton tickets, were held by the bank as pledgee to secure the bank for the money advanced for payment of the cotton purchased. Appellant had known'F. H.…