First National Bank v. Browne

Albert, J. —

The defendant Browne, for'many years up to June, 1922, was president of the plaintiff bank. One Jens Peterson was a borrower, and in March, 1921, was indebted to the bank in the sum of $6,600, which at that time was collateraled with a land contract, which afterwards became worthless. Browne, to protect the interest of the bank, negotiated with Peterson for security, and proposed to Peterson that he make a deed to his land to the bank. Peterson was in straightened circumstances, owed some interest, approximately $300, on the incumbrances on his land, and had another obligation,…