Cruse v. Mann

O’QUINN, Justice.

Appellants were on April 30,1927, and prior thereto, stockholders in the Guaranty State Bank of Woodville, Tyler county, Tex., a banking corporation organized and existing under and by virtue of the laws of the state of Texas. On that date said bank by and through its duly authorized officers and board of directors, and by authority of a resolution of its board' of directors duly passed by said board and spread upon the minutes, sold certain of its assets, and executed its certain promissory note in the sum of $8,500 secured by lien on its remaining assets, to the Citizens’…