Stephens v. Bank of Camilla

Evans, Judge.

In 1968, Harry Frosteg executed a note in favor of Mary Brooks Stephens in the amount of $8,750. As security for Stephens’ loan, Frosteg, as president of Thomasville Tobacco Warehouses, Inc., gave Stephens a security interest in certain lease-purchase agreements it had with Bish Leasing Co., Inc., secured by the equipment listed in the leases. The above security to Stephens was inferior to four other financing statements in favor of Bish. All were filed in the Mitchell County Records. The Stephens security stated the collateral to be: "5 leases on equipment; (see file) Proceeds &…