Gray v. Natl. Bank of Chicago

On June 30, 1931, William H. Gray and Orpha Buckingham Gray, his wife, executed a note for $65,000 payable on demand to the First National Bank of Chicago. Other notes secured by first and second mortgages on four parcels of real estate owned by William H. Gray were delivered as collateral to the $65,000 note. Mrs. Gray died October 4, 1931, leaving a will, by which she devised to her sons, Ralph B. Gray and William B. Gray, and her daughter, Ina Gray Cook, in equal shares, a tract of land located in Woodford county. The $65,000 note was not paid, and on January 16, 1932, the bank filed a…