People's State Bank of Tyler v. Monsey Oil Co.

The Tyler Vulcanizing & Battery Company, a corporation, hereinafter referred to as the battery company, was engaged in business in the city of Tyler. It had executed two chattel mortgages, covering various items of personal property, to secure certain notes executed to the People’s State Bank of Tyler, hereinafter referred to as the bank. The battery company was unable to pay this and other indebtedness, and, after negotiations with the bank officers, agreed to turn over all of the personal property owned by it to the bank, in order that it might dispose of the same to satisfy the…