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TENNESSEE WESLEYAN COLLEGE v. COFFEY

Nos. 7940, 7941.

97 F.2d 686 (1938)

TENNESSEE WESLEYAN COLLEGE v. COFFEY et al. SAME v. KENT.

Circuit Court of Appeals, Sixth Circuit.

June 29, 1938.

Attorney(s) appearing for the Case

J. A. Fowler, of Knoxville, Tenn. (J. J. Lynch and Lynch, Phillips, Hall & Allison, all of Chattanooga, Tenn., and J. A. Fowler and Fowler & Fowler, all of Knoxville, Tenn., on the brief), for appellant Tennessee Wesleyan College.

William L. Frierson, of Chattanooga, Tenn. (William L. Frierson, R. H. Williams, R. P. Frierson, and R. P. Williams, all of Chattanooga, Tenn., on the brief), for C. S. Coffey, receiver.

J. B. Sizer, of Chattanooga, Tenn. (J. B. Sizer, Estes Kefauver, and Sizer, Chambliss & Kefauver, all of Chattanooga, Tenn., on the brief), for Paul J. Kent, receiver.

Before SIMONS, ALLEN, and HAMILTON, Circuit Judges.

SIMONS, Circuit Judge.

The University of Chattanooga paid its $50,000 debt to Tennessee Wesleyan College with a mortgage participation certificate of like amount maturing in 1933 issued by the First National Bank of Chattanooga. The bank cancelled the certificate, issued to the college a new certificate of like amount but of later maturity, and loaned the college $50,000 upon it. Out of this transaction if unitary, or the series of transactions if not, grew two suits...

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