Fremont National Bank v. Ferguson & Co.

Redick, District Judge.

This is an action by plaintiff upon a promissory note for $5,000, executed by defendant Ferguson & Company, a corporation. The defense is that the execution of the note was ultra vires the defendant corporation. Plaintiff replied, denying that the note was ultra vires, and entering a plea of estoppel. A jury was waived and trial had to the court, resulting in a finding and judgment for the defendant, and the plaintiff appeals.

The note in suit, dated April 14, 1931, due in one year, was the final renewal in a series of notes beginning in *309October, 1923, at which time W.…