First Nat. Bank v. Larson

At the time of the transaction which gave rise to this case A. K. Hanson was president and W. M. Lowe was. cashier of the plaintiff bank. Rowe had a quarter section of land in Minnesota for sale in which neither the bank nor Hanson had any interest. On March 19, 1921, an agreement was made between Lowe and defendant for the sale of this land to defendant, by the terms of which defendant delivered to Lowe three Oldsmobile trucks valued at $5,000, and agreed to pay $1,000 cash, and the balance of $10,000 was to be paid by defendant assuming a mortgage on the land for $5,000 due March, 18, 1926,…