Bank of Ionia v. Bank of Eldon

MAUGHMER, Commissioner.

Plaintiff, Bank of Ionia, sued the defendant, Bank of Eldon, for selling cattle on which plaintiff held a chattel mortgage and converting or applying the proceeds to the payment of its own indebtedness. The case was tried without a jury and resulted in a judgment for defendant. Plaintiff has appealed.

Most of the material facts are not in dispute. On September 28, 1959, Rex Decker and Harold Decker, brothers, residing in *771Morgan County, Missouri, borrowed $3900 from defendant bank to finance the purchase of 15 Holstein cows. They gave their promissory note and chattel…