Sherrill v. Merchants & Mechanics T. & S. Bank

This suit is brought by the appellee against the appellant upon a negotiable promissory note executed by the appellant to the Varley-Bauman Clothing Company, a corporation, and indorsed by the payee to the appellee. This note was taken in renewal of a previous note for the same amount. The appellant’s theories of defense were that the note sued on had been paid by him to the appellee after maturity and before notice of the assignment, and that the note was executed with the understanding with the payee that it should be settled by the surrender of certain stock in the corporation, and that on…