Merchants State Bank v. Sunset Orchard Land Co.

Taylor., C.

On February 19, 1916, the Sunset Orchard Land Company, at St. Paul, Minnesota, executed to the Merchants State Bank of Lewisville, Minnesota, its promissory note whereby it promised to pay to the order of the bank, one year after date, at Lewisville, Minnesota, the sum of $1,980.50, with interest thereon at the rate of 8 per cent per annum. As a part of the same transaction the individual defendants, all of whom are stockholders of the land company, guaranteed the payment of the note by an indorsement upon the back thereof. The note was also secured by a mortgage on a tract of land…