First Nat. Bank & Trust Co. v. Jones

The First National Bank and Trust Company of Tulsa is a national banking association. During the years 1933, 1934, and 1935, H. C. Tyrrell was indebted to it in approximately the sum of $300,000.He had assigned to the Bank certain policies of insurance on his life to secure such indebtedness. In 1933, the Bank paid premiums on such policies aggregating $4,771.75. Tyrrell gave his notes to the Bank in the amount of such premium payments. The Bank paid premiums on such policies in the amount of $2,912.42 in 1934, and $544.84 in 1935. No notes were given by Tyrrell covering the premiums paid by the Bank in 1934 and 1935 but prior to such payments Tyrrell orally agreed to reimburse the Bank therefor.