Bank of Ashe v. Sturgill

The question involved in this appeal may be better understood by a brief statement in chronological order of the events leading up to the ruling complained of.

In 1927 the Bank of Ashe took over the assets and assumed the liabilities of the Bank of Lansing. The defendants, who were stockholders and directors of the Bank of Lansing, executed an agreement to indemnify the Bank of Ashe from loss. 27 March, 1933, a statement of the liquidation of the Lansing Bank showed a loss to the Bank of Ashe of approximately $12,000, and the defendants executed to the Bank of Ashe their promissory notes in…