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TREADWELL v. FAGAN

No. 6905.

68 F.2d 550 (1934)

TREADWELL v. FAGAN.

Circuit Court of Appeals, Fifth Circuit.

February 1, 1934.

Attorney(s) appearing for the Case

John H. Treadwell, of Arcadia, Fla., for appellant.

D. C. McMullen, of Tampa, Fla., for appellee.

Before BRYAN, SIBLEY, and WALKER, Circuit Judges.

BRYAN, Circuit Judge.

In January, 1930, the Florida Trust & Banking Company, a state bank, transferred its entire assets to the First National Bank of Arcadia, the consideration for the transfer being the national bank's agreement to assume and pay all the state bank's debts to depositors and other creditors. The following paragraphs of the agreement are here material:

"5. The National Bank agrees that it will proceed to collect and liquidate the notes...

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