Bank of Tallapoosa v. Patterson

On December 27, 1919, J. T. Patterson gave his promissory note for $575 to A. P. and M. S. Walton for certain land. The Waltons indorsed and “traded” this note for value to Farmers and Merchants Bank. In February, 1921, said bank failed, and its assets, including this note, were taken over by the Bank of Tallapoosa. On April 14, 1923, the note was renewed by the bank’s taking a second note, payable to Bank of Tallapoosa, due Decembef 1, 1923, and signed “J. T. Patterson, M. S. Walton, A. P. Walton.” On the face of this note the following was written: “Land note held as collateral.” On…