Smith v. Munson

Action upon a $1,500 promissory note payable on demand by the superintendent of banks as plaintiff against the defendant. The note was found in the First State Bank of Quinn, S. D., at the time the banking department took over the failed bank. The defendant pleaded' lack of consideration and asked that the note be returned to the defendant without payment. Both plaintiff and defendant seem to agree that the note was given as an accommodation note. The note was procured from the defendant at the solicitation of his brother, L. A. Munson, the president of the First State Bank at Quinn, and was…