EVANS, Circuit Judge (after stating the facts as above).
The Chicago National Life Insurance Company, on September 28, 1931, borrowed $3,000 of Gill and deposited as security a certain note and mortgage for $12,500, known as the Schultz mortgage. This loan became due in five days, and upon its maturity a new loan, payable in twenty-five days, was made for the same amount and secured by the same collateral. At the same time a check, payable to Gill, was drawn by the...
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