McClure v. Farmers & Merchants Bank

(After stating the foregoing facts.) Under the facts alleged in the answer, the note was not without consideration. It appears that the defendant executed the note and delivered it to J. H. Carmichael in order that he might negotiate it for cash to be obtained and used by the latter personally or in some enterprise with which he was connected. The defendant was an accommodation party and Carmichael was the party accommodated. Carmichael obtained money from the bank on the defendant’s note, as was contemplated by all the parties, and the furnishing of the money to him by the bank supplied the…