Ascension Nat. Farm Loan Ass'n v. Whitney Nat. Bank of New Orleans

OTT, Judge.

In 1923, Mrs. Mary Altemus Shaffer secured a farm loan on her plantation in Ascension Parish for the sum of $20,000, which loan was to be repaid in annual installments in accordance with the Federal Farm Loan Act, Title 12 U.S.C.A., Subchapter 1, Section 641 et seq. Mrs. Shaffer secured this loan from the land bank through the Ascension National Farm Loan Association, and ais is required by 12 U.S.C.A. § 733, she paid for and secured 200 shares of stock at $5 per share in this Farm Loan Association (hereafter called the association). The stock was issued in her name and was held by…