Federal Deposit Ins. v. Pendleton

SWINFORD, District Judge.

This is an action brought by the Receiver of the Taylor National Bank of Campbellsville, Kentucky, to recover upon a $12,500 promissory note signed by the defendant, J. F. Pendleton, payable to the Taylor National Bank. The defense is that the note was without consideration.

There is some conflict in the evidence and the facts as herein set out will be considered the ruling of this Court upon those issues of fact that are in disagreement.

T. O. Morton had been the President and Cashier of the Taylor National Bank for many years. He and the members of his immediate…