Rossville Bank v. Bankers First Savings Bank, F.S.B.

Blackburn, Judge.

Rossville Bank, First American National of Chattanooga, and NationsBank (collectively plaintiffs) sued Bankers First Savings Bank f/k/a Southeast Federal Savings Bank (Southeast), alleging that Southeast improperly set off a corporate savings account to satisfy the personal debt of the corporation’s former president. Following a bench trial, the court entered judgment for Southeast. Plaintiffs filed this appeal, contending that the court erroneously concluded that the debt was corporate debt, that the account was properly pledged as collateral for the debt, and that the…