National Bank of Commerce v. James Pingree Co.

Defendant appeals from a judgment in favor of plaintiff.

The complaint contains the usual allegations in an action upon a promissory note. The answer admits the execution of the note, and alleges that James Pingree, president of the defendant company, was without authority to execute the note, and that such note was without consideration at the time the same was executed, and that no consideration whatever passed from plaintiff to defendant since the execution of the note.

At and prior to the date of the execution of the note, the *261plaintiff bant was owner of, and had in its possession, a large…