Farmers National Bank of Oskaloosa v. Stanton

1- notes factions: oif nonnegotiable cmseSi01toh transfer given, The action is brought upon a promissory note for $5,000 and interest, executed by the defendants and made payable to the order of the Lower System of Merchandising. It bears date of August 23, 1916, and is made payable six thereafter. Embodied in the instrument is a clause as follows:

*434“And we hereby authorize the holder hereof to extend the payment of the same or any part thereof from time to time by reception of interest in advance or otherwise without impairing our several or joint liabilities.”

Alleging that it is the owner of…