Coffeeville Bank v. Stone

Appellees were receivers for P. K. McRea & Co. Prior to the receivership, McRea had executed to appellant hank two instruments purporting to give to the bank a first lien on lumber stacked and to be stacked on planer yards of McRea. The bank had loaned and was to advance to McRea money to the amount of ten dollars per thousand feet on all lumber so stacked. The instruments were acknowledged and recorded.

The agreed statement of facts recites:

‘ ‘ The lumber which we stacked on yard at the time of the execution of these lien agreements was shipped out in part from time to time and other lumber…