First Trust Co. of St. Paul v. County Board of Education of Whitley County

HICKS, Circuit Judge.

Bill in equity to remove a cloud on appellants’ title to 16 bonds, for $1,000 each, dated December 1, 1929. Five of these bonds were due December 1, 1945, 5 on December 1, 1946, and the remainder on December 1, 1947. On December 30, 1929, they were all sold by appellee to Magnus & Co. for $16,000 and accrued interest, and the proceeds paid to appellee’s treasurer were used to discharge an existing indebt*115edness oí appellee, represented by four notes as follows:

First National Bank of Williams-burg, dated June 4, 1927 .... $ 5,000.00

First National Bank of Williams-burg,…