Farmers & Merchants Savings Bank v. Jones

On the 22d day of December, 1919, appellant executed and delivered to the Missouri Yalley Cattle Loan Company his promissory note for $2,812.50, due in six months from date. The note was given as the purchase price of certain stock in the said loan company. The original note was purchased by the appellee bank in January, 1920. It came due June 22, 1920, and on said date- appellant paid the accrued interest and the sum of $12.50 on the principal, and executed and delivered to appellee a new note for the sum of $2,800. This is the note in suit.

Appellant contends that, at the time he executed…