McMillan v. First National Bank

This was a suit on a note antedating the act of 1912 which requires that notes given for mining stock shall state their consideration. The defendant pleaded non est factum; that the consideration of the note was mining stock which was worthless, and for this reason the consideration wholly failed; and that the plaintiff was not a bona fide purchaser for value. The court directed a verdict in favor of the plaintiff, and overruled the defendant’s motion for a new trial.

It appears, from the evidence, that Stump, the payee of the note, sold to the maker a number of shares of mining stock in the…