Lem C. Bryan, Receiver v. Ernest A. Bartlett, Jr., Afton Borum, Hoyt Borum, and E. M. Clem, Lem C. Bryan, Receiver v. Gaylord B. Roberson

GIBSON, Circuit Judge.

This is the third reported federal appeal in the financial affairs of the Arkansas Loan & Thrift Corporation, an Arkansas corporation. 1 The case involves a suit by Lem C. Bryan, the receiver 2 of AL&T against nine directors and the attorney of that corporation to recover payment on promissory notes executed by them in favor of AL&T. The defendant directors asserted the defenses of no delivery, lack of consideration, failure to have possession of the notes at the time suit was filed, and that the notes were incomplete. The receiver in turn contends that they are estopped…