Commercial State Bank v. Eilers

This is an action upon a promissory note. The plaintiff alleges it acquired the note before maturity for a valuable consideration and that it is the owner and holder thereof. Defendant admits the execution of the note, but alleges affirmatively that it was given to the Waterloo Creamery Company in consideration that it “would transfer and deliver to the defendant six shares of stock of the Waterloo Creamery Company.” Defendant also alleges that such stock was never transferred or delivered to him. Finally it is averred “that the plaintiff corporation at the time it purchased said note knew…