Olsburg State Bank v. Anderson

*464The opinion of the court was delivered by

Parker, J.:

This action on a promissory note was filed April 6, 1940. The note, executed by defendant Anderson, was for $1,000 payable to the plaintiff bank, dated December 4, 1939, and due March 4, 1940. The defense was lack of consideration and procurement of the note by fraud, the substance of the allegations of the answer with respect to the fraud being that defendant was induced to sign the note by representations the proceeds thereof would be used to bring in necessary drilling tools and equipment for the express purpose of drilling an oil and/or…