Southern Package Corp. v. Beall

On April 23,1934, the appellant Southern Package Corporation executed its promissory note in the principal sum of $3,000, bearing 4 per cent, interest, duly indorsed by its president, H. J. Wilson, in favor of appellee, due and payable on July 24, 1934. Upon the execution and delivery of this note, the appellee advanced to the said Southern Package Corporation the face amount of' the note. The appellants contend, in effect, that this transaction was for the purpose of establishing a line of credit with the Southern Package Corporation on behalf of the Anderson-Beall Company, a mercantile…