Guaranty State Building & Loan Ass'n v. Farmer

DUNKLIN, Chief Justice.

On October 20, 1926, S. G. Farmer subscribed for 41 shares of capital stock in the Guaranty State Building & Loan Association and at the same time he and his wife, Della Farmer, borrowed from the association the sum of $2675.00, evidenced by their promissory note in that sum. The note reads in part as follows:

“Wichita Falls, Texas,

“20th day of October, A. D. 1926.

“For value received, at the maturity on the books of payee of 41 shares of capital stock of payee, evidenced by certificate No. 1204, in the name of S. G. Farmer, the undersigned promise to pay Guaranty State…