Bank of Oak Grove v. Robinson

FRED W. JONES, Jr., Judge.

The Bank of Oak Grove sued Robinson on a promissory note executed by the defendant to cover his overdrafts on a margin account secured by cotton receipts. From a judgment in favor of the plaintiff for $118,205.15, the defendant appealed. The Bank of Oak Grove subsequently failed and was succeeded by the FDIC, which was substituted as a party-plaintiff in this case.

For the reasons hereinafter explained, we affirm.

Robinson was a cotton buyer in Oak Grove and had established and used a *122“margin account” with this bank for some twenty-seven years to purchase cotton. He…