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PITTS v. PEASE

No. 5723.

39 F.2d 14 (1930)

PITTS v. PEASE et al.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied April 21, 1930.

Attorney(s) appearing for the Case

Frank U. Garrard, of Columbus, Ga., J. R. Terrell, of La Grange, Ga., and Leonard Farkas, of Albany, Ga., for appellant.

Alex W. Smith, Jr., of Atlanta, Ga., and Scott Russell, C. Baxter Jones, and Walter A. Harris, all of Macon, Ga. (Jones, Jones, Johnston & Russell, of Macon, Ga., E. L. Smith, of Albany, Ga., and Harris, Harris & Popper, of Macon, Ga., on the brief), for appellees.

Before BRYAN and FOSTER, Circuit Judges, and SIBLEY, District Judge.

BRYAN, Circuit Judge.

The appellant Pitts was indorser on two notes, for $6,750 each, held by the New Georgia National Bank of Albany. The notes were secured by bonds of the Flint River Pecan Company of the par value of $163,900. An assessment of 10 per cent. upon the bonds was made against the bondholders for the purpose of retiring the notes at maturity. Assessments amounting to $8,644.50 were deposited in the bank by bondholders under an agreement that the legal...

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