Park Falls State Bank v. Fordyce

The following opinion was filed October 13, 1931:

Fowler, J.

The bank assigns as error the conclusion of the trial court that it was under moral obligation to protect the defendant; that the action of its officers in taking over the defendant’s notes was invalid for want of consideration and ultra vires; that there was no ratification of the transaction by either the stockholders or the directors, if in law it was subject to ratification; and claims that the bank is entitled to rescind the ttansaction and recover the full amount paid to the defendant for his notes less payments received by it…