Andrew v. City-Commercial Savings Bank

In 1922, one A. M. Sehanke was president of the City Commercial Savings Bank of Mason City, Iowa, a cor poration organized under tbe laws of tbe state of Iowa. In June of that year, be borrowed $15,000 from tbe Des Moines National Bank, and as security therefor, pledged 150 shares of tbe capital stock of tbe said City Commercial Savings Bank. This loan was represented by tbe personal note of A. M. Sehanke, which was renewed from time to time, and which was reduced to tbe sum of $12,000 at tbe time tbe City Commercial Savings Bank went into tbe bands of a receiver, on the 11th day of May, 1925.