Farmers Coöperative Union v. Reynolds

The opinion of the court was delivered by

Dawson, J.:

This was an action on a nonnegotiable promissory note for $350 payable to the order of the plaintiff corporation.

The principal defense pleaded to the original petition was want of consideration. In an amended petition plaintiff joined with itself *17some eight of its stockholders who were members of its board of directors, and alleged that defendant was also, a stockholder in the plaintiff corporation, and that in 1921 the corporation was deeply in debt, and that at a meeting of the stockholders it was decided that the board of directors might…