Third National Bank & Trust Co. v. Rodgers

Opinion by

Mr. Justice Barnes,

This action of assumpsit is upon a promissory note executed by' defendant and delivered by him to the plaintiff bank on February 1, 1933.

The transaction giving rise to the note occurred in 1925. In April of that year, one B. C. H. Rupp was indebted to the bank upon several promissory notes totaling $79,200, which were collaterally secured by the deposit of shares of stock of an automobile manufacturing corporation, called the Macear Truck Company, together with other collateral. On April 13,1925, an arrangement was made with the bank for the substitution of three…