First Savings Bank v. Edgar

Vermilion, J. —

The plaintiff sues to recover on two promissory notes given by the defendant. It appears without dispute that, on October 17, 1918, the defendant entered into a written contract with the Daniel Hayes Company for the purchase of 40 acres of land in California, and executed his note to the company for the purchase price. On the following day, this note was purchased by the plaintiff bank; and thereafter the two notes in suit, payable to the bank, were executed by the defendant, in lieu of the note originally given. The contract for the purchase of the land provided that, if, upon…