Reconstruction Finance Corp. v. Rawlings

HUTCHESON, Circuit Judge.

Plaintiff’s suit was in equity for a set-off, and to redeem collateral held in pledge. His bill admitted that the First. National Bank in Gulfport, of which he was receiver, owed the defendant as assignee of the Canal Bank & Trust Company, a Louisiana state bank, $13,067.77, fully secured. It alleged that the Canal Bank was the owner of the 256 shares of the Gulfport Bank in the name of Wendell, and as such owed an assessment of $6,290.35. Tendering the difference, it prayed for an order of discharge from the debt, and for the delivery up of the note and collateral.…