JAMISON v. FEDERAL DEPOSIT INS. CORPORATION

No. 11269.

149 F.2d 199 (1945)

JAMISON, Banking Com'r of Texas, v. FEDERAL DEPOSIT INS. CORPORATION.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied June 14, 1945.


Attorney(s) appearing for the Case

Woodville J. Rogers, of San Antonio, Tex., for appellant.

John H. Russell, of Chicago, Ill., and O. R. Tipps, of Wichita Falls, Tex., for appellee.

Before HOLMES, McCORD, and WALLER, Circuit Judges.


HOLMES, Circuit Judge.

The Benjamin State Bank of Benjamin, Texas, became financially involved in 1934. In an effort to survive its crisis, it borrowed $32,500 from the Reconstruction Finance Corporation, issuing to that agency income debentures aggregating in principal the amount borrowed. These debentures provided that the obligations evidenced thereby should be subordinate to all obligations of the bank to its depositors...

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