Lockney State Bank v. Martin

I respectfully dissent from the conclusion announced in the majority opinion that the note is valid in the hands of an innocent purchaser for value. We held in Prudential Life Insurance Co. v. Smyer, 183 S. W. 825, that article 12, § 6, of the state Constitution by necessary implication inhibited the execution of a note in payment for stock, and rendered the note void, even in the hands of an innocent purchaser. To the same effect is Crawford v. Davis, 188 S. W. 436, also by this court, Strudevant v. Falvey, 176 S. W. 908, and Republic Trust Co. v. Taylor, 184 S. W. 772. It is admitted that…