Second National Bank v. Prewitt

On the 19th of January, 1900, Prewitt & Oo. executed to the order of J. T. Pushing, E. E. Prewitt, and J. T. Jones, a note in the sum of $2,500, maturing twelve months after date. This note was indorsed by the payees, waiving demand and notice, to the Second National Bank. The indorsers had no beneficial interest in the transaction, the note having been made merely for the accommodation of Prewitt & Oo. When the note was negotiated to the bank, there was a collateral contract entered into between it and Prewitt & Oo. to the effect that the latter should have the right to pay the debt before…