Topas v. National Shawmut Bank

LOWELL, District Judge.

On August 5, 1917, John MacGregor Grant, Inc., of New York, borrowed $200,000 from, the defendant. The loan was reduced by payments from time to time until on February 8, 1922, a cheek for $22,401.13 was received from Grant, which repaid the loan in full; the bank at that time delivered to Grant the collateral which it had held.

Grant, Inc., did a business as factor in New York selling wool and other commodities for' principals in various parts of the world. John Bolinger was a director of Grant, Inc., and had been such since 1916. He had been connected with the Guaranty…