Dude it sounds like you have water trapped in a bearing or the brake housing. If your IH 504 is like my Farmall 504 the brake disks are directly tied to the pinion shaft. If you have moisture/water in the housing/cover that would definatly cause one side to "lock up". I find this more likely than an axle bearing. Pull the RH brake cover and inspect. If water has been there, clean it all up good and silicone the cover when reinstalling. Also make sure it has the rod boot installed as well as in good repair. Those little boots cause me a lot of grief before I replaced mine. Good luck.
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