First Nat. Bank of Durham v. Raleigh Sav. Bank & Trust Co.

PARKER, Circuit Judge.

This is a controversy arising in the bankruptcy proceeding of the Austin-Stephenson Company between the trustee in bankruptcy and the First National Bank of Durham, N. C. The matter involved is the ownership of the stock of merchandise transferred by the Austin-Stephenson Company to a corporation which it had organized under the name of Austin’s, Inc. The stock of merchandise has been sold by the trustee in bankruptcy and the proceeds are being held under an agreement to abide the result of this litigation. The claim of the bank is based upon the fact that it holds all…