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McGREGOR BOULEVARD CHURCH OF CHRIST v. WALLING

No. 27817.

428 F.2d 401 (1970)

McGREGOR BOULEVARD CHURCH OF CHRIST, a Charitable Corporation, et al., Plaintiffs-Appellees, v. J. B. WALLING et al., Defendants, General Plan, Inc. (formerly National Plan, Inc.), Intervenor-Defendant-Appellant. Robert H. Knox, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied July 15, 1970.

Attorney(s) appearing for the Case

Rufus S. Garrett, Jr., Ft. Worth, Tex., for appellants.

William Burrow, Dallas, Tex., for appellees.

Before RIVES, GOLDBERG and GODBOLD, Circuit Judges.

RIVES, Circuit Judge:

This case involves the purchase by appellant General Plan, Inc.,1 of bonds payable to bearer issued by each of several church corporations.2 Initially the district court held General to be a holder in due course of the bonds, and further held inapplicable Section 29(b) of the Securities Exchange Act of 1934, 15 U.S.C.A. § 78cc(b), which provides generally that contracts made in violation...

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