Peoples National Bank v. Morris

On June 16, 1926, the Farmers Mercantile Company executed its deed of general assignment to John P. Lee, trustee, conveying among other things a large brick store-house and a smaller frame store-house, both in Rocky Mount, Virginia. There was already on the brick building a trust deed to the same trustee, of date June 1, 1920, securing notes amounting to $28,000.00, owned in part by the First National Bank of Rocky Mount. On June 2, 1926, that bank, by contract hereafter to be considered more in detail, turned over its assets to the Peoples National Bank, and this last named bank, on July 10,…