The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1915-01-08
Late F. c. Brent Did Not
Purchase Securities Held
by First National Bank.
MERELY ASSISTED
BANK FINANCIALLY
Answer is Filed to Suit for
$4,000 Recently Brought
In Circuit Court Against
the Estate by w. H. Mil
ton as Receiver of the
First National Bank.

Executors Of the estate of the late
F. c. Brent disclaim that he bar
gained with the directors OF the now
defunct First National Bank for Sc
curities Of a face value of about $780,
900 guaranteeing to pay therefor the
sum of $350,000, but that on the con-
trary Mr.. Brent, as president OF the
institution, was aiding 1t financially
by advancing $35o,000 to tide it over a
threatened crisis.
The answer OF Thos. w. Brent and
others as executors of the estate was
filed IN the circuit court yesterday by
Blount & Blount & Carter, attorneys
for the defendants in the suit brought
by w. H. Milton. as receiver Of the
First National Bank for about $50, 900,
which, it Is alleged in the bill Of COM
plant, remains unpaid under q guar
antee alleged to nave been entered
into between the late Mr.. Brent and
directors, Of the bank, Mr.. Brent Sc
curing for the money securities having
a face value of about $3.50, 600.
ANSWER OF EXECUTORS.
The answer in part is as follows:
81. That the said alleged guaran-
tee OF said F. C. Brent was without
consideration as to the sum alleged
in said counts to be due, and that
the same was not given In considera-
zion OF any psrgain FOR aud sale of the
assets mentioned In the schedule at
tached thereto, but was given under
the following circumstances and for
the following consideration and no
other, to-wit:
son or before the date of the said
guarantee, the First National Bank OF
Pensacola was In need of financial as
sistance to the amount OF $3.50, 900, and
had the assets mentioned in the said
alleged guarantee OF nominal or face
value OF $462, 4S0.Ss, but Of an actual
cash value known to the said bank,
and 20 the said r. c. Brent, to be
very much less than the said sum.
and very much less than the sum Of
$350,000, and of value so little that
bank examiner then examining the
affairs OF the said bank, did, under
direction of the comptroller Of the
currency OF the United States, require
that the said bank should write the
said assets off it's books: that the said
F. G. Brent was, for a long time con-
nected with the said bank, and was
its president, and for that reason was
willing to assist 1t financially to the
extent of $685. 900, and to pay into it |
that sum at the times set forth in said |
alleged guaranee: and in order tolre- |
imburse the said r. G. Brent, and SOLE
ly for the purpose OF reimbursing him, !
for the sums TO be paid by him, so far |
as might be possible, from any sums |
which could be realized from the said |
assets, 1t was agreed between him and |
the said bank that the title to them |
should be transferred to him, except in /
cases where the said bank retained an
interest paramount to any equity of /
the said Brent, in which case the |
bank retained the title, In order that |
he might realize on them, and apply |
tne proceeds, as far as they might go, |
to the reimbursement OF him, as afore- |
said, for the payment Of the said $780,
900; that there was no bargain be-
tween the said bank and the said Z.
C. Brent fixing a selling price by the
former, and a buying price by the lat
ter, or of any or more OF the said |
assets, or of the whole of them, nor
any agreement between them that 1t |
should sell to him, or he buy from 1t,
any one or more Of the said assets for
the face value thereof, or for any I
other man, and no agreement between
them that 1t should sell to him, or he
buy from 1t, all OF the said assets for
the sum of $685. or any other sum,
or any agreement that he should pay
the said bank any sum or sums for /
the whole Of them, but that ii was
agreed between the said bank and him
that the assets were aggregately worth
much less than s350,0o0, and that the
transfer thereof to him should not be 1
the consideration for his promise to i
pay the said sum of $3.50, 900, but should
be only for the purpose of enabling i
him to reimburse himself as far as
possible, as aforesaid, for payments
made by him in pursuance of the said
alleged guarantee. II
And defendants aver that the said II
F. C. Brent and they have paid under
and in compliance with the said al Il
legged guarantee, sums largely in ex- II
cess of the value of, or any sums
which can be realized upon, the said
assets.
"2. That the said F. C. Brent and
defendants. before the beginning Of
this suit, fully performed his and their
under the said alleged
by the payment Of $35o.O00, Il
as therein C~iEed" II