Ohio Valley Fire Marine Ins. Receiver v. Newman

Opinion of the Court by

Judge Clay

Affirming.

On June 22, 1914, A. L. Newman executed and delivered to the Ohio Valley Fire & Marine Insurance Company his note for $30,000, secured by a mortgage on several hundred acres of land in Ballard county. The consideration was $10,000 in cash and 1,000 shares of the capital stock of the'insurance company of the par value of $10, but for which Newman paid $20 a share. Newman paid the interest on the note for several years. On June 22,1922, the sum of $7,863.40 was added to the face of the note, and a renewal note executed for the sum of $37,863.40. On…