Bank of LaGrange v. Cotter

W. A. Reid and W. B. Cotter were each indebted to the Bank of LaGrange on notes signed by them in their individual capacity. The firm of Reid & Cotter, composed of the individuals above named, were also indebted to the bank. To secure the indebtedness of the firm, certain notes and accounts, which were assets of the partnership, were deposited with the bank as collateral security. From the assets so deposited a sufficient amount was collected by the bank to pay the debt due by the partnership, and the surplus was applied by the bank to the individual notes of the two partners. Cotter brought…