First National Bank v. Zollars

The opinion of the court was delivered by'

Harvey, J.:

This was an action on three promissory notes executed *543by the defendant and payable to the Sowers Plan Crop Insurance Mutual Company for the premium on policies of crop insurance issued by the payee company to defendant. Defendant suffered loss adjusted and found to be in excess of the amount of the notes, but the company had gone into a receivership and had no money to pay the losses under the policy. Plaintiff alleged that it had purchased the notes before maturity and was the holder in due course. Defendant’s contention was that the notes…