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Motorcycle cop Rex Lease falls in love with Charlotte Stevens, the daughter of political boss James Gordon. This results in something of a conflict of interest for Lease: How can he round up the local criminal element, when most of the crooks are connected in some way or another to the cigar-chomping Gordon? Electing to sacrifice love for the sake of duty, Lease perseveres in his crime-busting activities -- and as a reward wins the girl anyway. The action highlights include a climactic set-to in an abandoned warehouse, where Lease takes on a battalion of baddies to rescue the heroine. The Variety reviewer, at the time this movie was released, suggested that the plotline of Cancelled Debt was so old and reliable that it would probably still be in used in 1950; he was right.