First National Bank of Mason City v. Cement Products Co.

The First National Bank of Spencer acquired, and, at the time its affairs were placed in the hands of a receiver, held, notes aggregating more than $45,000, which were transferred to it by the Cement Products Company, a corporation also having its principal place of business at Spencer, by indorsement without recourse. The receiver of the Cement Products Company resisted the claim of intervener, and refused to allow any part thereof. Upon hearing in the district court, said court found that one note transferred to the bank by the Cement Company was indorsed in blank, and the amount thereof…