Harrington v. Citizens' Investment & Security Co.

Hart, J.,

(after stating the facts). It has been held by this court that the giving of a renewal note with the knowledge at the time of a failure of the consideration for the original note waives such defense, and the maker is thereby estopped from pleading such failure in an action on the renewal note. Stewart v. Simon, 111 Ark. 358, and Haglin v. Friedman, 118 Ark. 465.

It is true that the consideration for the original note failed because the note was given upon the condition that the capital stock of the Citizens’ Investment & Security Company should he increased from $25,000 to $100,000.…