Thomas v. Marine Bank & Trust Co.

The question presented in this ease is whether two certain loans, secured by collaterals, made by the Marine Bank & Trust Company- to the American Bank & Trust Company of Eunice, this state, were authorized to be made on behalf of the last-named bank, in the manner required by section 4 of Act 193 of 1910 as amended by Act 251 of 1916.

On August 2, 1920, the Marine Bank loaned the American Bank $'9,000 for which Liberty bonds of the face value of $10,600 were pledged, and, on August 23, 1920, a further loan of $15,000 was made, for which bills receivable in excess of the said loan were pledged.