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FIRST NAT. BANK v. RALEIGH SAV. BANK & TRUST CO.

No. 2909.

37 F.2d 301 (1930)

FIRST NAT. BANK OF DURHAM v. RALEIGH SAV. BANK & TRUST CO. In re AUSTIN-STEPHENSON CO., Inc.

Circuit Court of Appeals, Fourth Circuit.

January 14, 1930.

Attorney(s) appearing for the Case

J. Crawford Biggs, of Raleigh, N. C. (J. M. Broughton, of Raleigh, N. C., and R. Percy Reade, of Durham, N. C., on the brief), for appellant.

Josiah W. Bailey, of Raleigh, N. C. (Smith & Joyner, of Raleigh, N. C., on the brief), for appellee.

Before WADDILL and PARKER, Circuit Judges, and GLENN, District Judge.

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...

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