Chabot v. McRae

RAYMOND, District Judge.

This action was originally brought by Lawrence E. Chabot, as conservator of the First National Bank of Ontonagon, Ontona-gon, Mich., as plaintiff. Subsequent to the institution of suit, and on January 8, 1934, a trust agreement was entered into between the First National Bank of Ontonagon, as party of the first part, and Lawrence E. Chabot, J. H. Bice, and John Hawley, as trustees, reciting that under the terms of section 207 of the Bank Conservation Act (12 USCA § 207), the unsecured, creditors had agreed to waive 50 per cent, of their claims against the bank for the…