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VERMONT HOME MTG. CR. AG. v. MONTPELIER NAT. BANK

No. 131-69.

262 A.2d 445 (1970)

VERMONT HOME MORTGAGE CREDIT AGENCY v. MONTPELIER NATIONAL BANK.

Supreme Court of Vermont, Washington.

January 15, 1970.

Attorney(s) appearing for the Case

James L. Oakes, Brattleboro, for plaintiff.

Paterson, Gibson, Noble & Brownell, Montpelier, for defendant.

Before HOLDEN, C. J., and SHANGRAW, BARNEY, SMITH and KEYSER, JJ.

HOLDEN, Chief Justice.

The defendant agreed to buy five notes to be issued by the plaintiff in the amount of $10,000 each, bearing annual interest at the rate of five and one-half percent. The plaintiff Agency is an instrumentality of the State of Vermont which is established and derives its authority from Chapter 11B of the Vermont Statutes Annotated. 1967 (Adj.Sess.) No. 282, effective March 14, 1968. The defendant is a national bank, doing business in Montpelier...

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