Culhane v. Swords Co.

This was a suit on two notes, brought by appellant against appellee. One note was for $20,000. No controversy existed regarding appellee’s liability on this note. The second note was for $50,000, executed on behalf of appellee by S. E. Smith and Thos. H. Connors, its vice presidents.

At the time the Rockford National Bank, of which appellant is receiver, suspended business, appellee had on deposit therein to its credit the sum of $16,790.28. Appellant in this suit sought to apply an offset for the above amount against the $50,000 note, .thus leaving a balance claimed due thereon of $33,209.72.…