McConnell v. Sprouse

This was a suit by S.S. McConnell, State Superintendent of Banks and Receiver for the Peoples Bank of Springfield, to recover of G.B. Sprouse, president and director of said bank, three notes aggregating $25,000, secured by a mortgage on a warehouse and real estate, executed by the Tennessee-Kentucky Tobacco Co.

The bill alleged that Sprouse was a stockholder, director and president of said Peoples Bank of Springfield, and that the Tennessee-Kentucky Tobacco Co. owed said bank several notes, amounting to $24,000; and, on July 12, 1924, the Tobacco Co. executed three notes of $8333.33 each,…