Commercial Credit Co. v. Seymour National Bank

— Upon a stipulation of facts trial was had to the court, resulting in a judgment in favor of the appellee. The following gives the factual background necessary to a decision.

The appellant was engaged in buying automobile paper. To procure working capital a trust was established March 21, 1930. The City Trust Company, for a consideration, became trustee of certain conditional sales contracts and notes owned by appellant for the purpose of guaranteeing the payment of a series of notes executed and sold by the appellant. James M. Shields, a mature and experienced businessman, -purchased one…