AUGUSTUS N. HAND, Circuit Judge.
J. H. Jackson Company, Inc., was adjudicated a bankrupt on August 5, 1926. Long prior to that time the Irving National Bank, to the rights of which American Exchange Irving Trust Company (hereinafter called the bank) succeeded by merger, received a "letter of hypothecation and general assurance" from J. H. Jackson Company, Inc., providing, among other things, as follows:
"In the absence of any special written agreement to the...
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