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WEBB v. POWELL

No. 8153.

87 F.2d 983 (1937)

WEBB v. POWELL et al.

Circuit Court of Appeals, Fifth Circuit.

February 5, 1937.

Attorney(s) appearing for the Case

B. T. Sauls, of St. Petersburg, Fla., for appellant.

F. P. Fleming, of Jacksonville, Fla., for appellees.

Before SIBLEY, HUTCHESON, and HOLMES, Circuit Judges.

HUTCHESON, Circuit Judge.

This suit, in form, in equity for an accounting for, was in fact for, money had and received as the proceeds of collateral which had been pledged by the bank to secure the deposits of the railway company. The claim was that the agreement for security was ultra vires, and the sale of the collateral and payment of the proceeds to the receivers unauthorized in law. Upon allegations that the receivers had thereby received payment in full of their...

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