Ohio Loan & Discount Co. v. Tyarks

The controlling issue in this case is whether a failure or want of consideration on the part of the seller of equipment may be raised as a valid defense to a promissory note executed by the purchaser of such, equipment directly to a loan company, the proceeds of which were turned over by the loan company to the seller to pay for such equipment.

Throughout this litigation Tyarks has attempted to place Trombette and the loan company on the same footing. Under the evidence we think this can not be done. The loan company, an independent agency, fulfilled its obligation when it furnished the means…