Minnesota Farmers' Mutual Fire Insurance v. Olson

This is an action on two promissory notes made by defendant to plaintiff, each for the sum of $29.57, each dated September 22, 1882, one payable December 1, 1882, and the other December 1, 1883. The answer admits the execution of the notes, and alleges, as showing a failure of consideration, that on the day of the date of said notes the defendant made application to plaintiff for insurance upon certain of his property. That thereupon the plaintiff issued its policy, whereby, in consideration of $59.14, (as agreed to be paid by the two notes,) it insured the property in the sum of $2,200.55…