Citizens Bank & Trust Co. v. Chase

Roland E. Chase, hereinafter called the defendant, executed his note, dated March 6, 1919, due January 1, 1920, for the sum of $2,622.00, payable to the order of his brother, Emery B. Chase, at the Dickenson County Bank, Incorporated, at Clintwood, Virginia. The note provided that it should bear interest at the rate of six per cent per annum after maturity. After this note matured, Emery B. Chase, the payee, on May 15, 1920, by mere delivery, without endorsement, pledged it as collateral' security to the Farmers Bank of Tate, *67Tennessee, for $50.00. This $50.00 note was renewed from time to…