Live Stock State Bank v. Locke

On the 27th day of July, 1923, the appellee, Locke, executed and delivered to the Bank of Miami, a private banking concern, his promissory note in the sum of $1,771.34, payable on demand. On September 3, 1923, the Bank of Miami was indebted to the appellant Live Stock State Bank of Kansas City, Mo., in an amount exceeding $30,000, and on that date pledged the note sued upon, together with about 30 other notes made by other debtors, to the appellant bank as collateral to its indebtedness. On November 2, 1923, the plaintiff bank became insolvent, and F. C. Millspaugh, comr missioner of finance…