First State Bank v. Gunderson

MISER, C.

On August 21, 1923, respondent Gunderson executed and delivered his promissory note for $5,000 to the order of the Commercial & Savings Bank of Sioux Falls. Before its maturity on February 21, 1924, this note was, for value, sold, indorsed, and delivered by the payee bank to the First State Bank of Sioux Falls, which bank, on default of payment of saidi note, brought suit thereon on April 28, 19.24. The First State Bank thereafter suspended business, and the superintendent of banks became party plaintiff. The note in suit will be hereinafter referred to as note A. It was given in…