Winfield State Bank v. Snell

The pleadings and evidence are elaborate. In our view, but one question need be discussed, and that is the legal effect of the agreement of March 21, 1925, Exhibit 6 of this record. Intervener concedes that it occupies no better position than does the defendant.

In 1920, Snell owed plaintiff $4,000. Snell assigned to plaintiff, as collateral security, his stock in the Inter Ocean Reinsurance Company. Snell was also indebted to the Farmers National Bank for $6,000. Snell owned three tracts of land: one of 141 acres, on which intervener held a first mortgage of $20,000; another of 80 acres, on…