Bankers Trust & Audit Co. v. Farmers & Merchants Bank

The Court of Appeals certified the following question: '“Is a contract entered into by a duly organized bank for the future payment of a salary to its fiscal agent lacking in consideration in so far as the recited consideration relates to 'services already rendered and to be rendered in promoting and organizing said bank’?” The general rule is that a past consideration will not support a subsequent promise. 1 Elliott on Contracts, § 213; Shealy v. Toole, 56 Ga. 210; Willingham Sash &c. Co. v. Drew, 117 Ga. 850 (45 S. E. 237); Dutton v. Faulk, 159 Ga. 736 (2) (126 S. E. 718); and see Powell v.…