MITCHELL V. FEDERAL INTERMEDIATE CREDIT BANK
165 S.C. 457, 164 S.E. 136 (1932)
NATURE OF THE CASE: This was an action for an accounting.
FACTS: The Federal Intermediate Credit Bank (D) sued Mitchell (P) for recovery on P's notes. P defended the action by pleading that in order to obtain loans from D he had to sell his crops through a grower's association and assign the proceeds as security for the notes and that D had received the proceeds and the notes had not been discounted. P did not counterclaim or ask for any relief. Judgment was rendered for P. P then sued for the proceeds kept by D in excess of the notes. The trial court ruled that P's action was barred on the theory that his affirmative claim was merged in the earlier judgment. P appealed.
ISSUE:
RULE OF LAW:
HOLDING AND
DECISION:
LEGAL ANALYSIS:
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