Southern Cotton Oil Co. v. Merchants & Citizens Bank

The Southern Cotton Oil Company, a corporation engaged in the business of (a) selling fertilizers to farmers, (b) operating a cotton gin, and (c) conducting a warehouse “licensed, bonded, and operated under the United States warehouse act” for storage of cotton and other farm products, sold certain fertilizers to W. A. Hill to make a crop in 1931, and received therefor a promissory note executed on March 24, 1931, secured by a bill of sale of the crops; which afterwards was duly recorded. Subsequently a quantity of cotton, the product of the crop, was ginned at the ginnery and packed into…