Columbia National Bank v. People's Bank

The opinion of the Court was delivered by

Mr. Acting Associate Justice John I. Cosgrove.

In November, 1921, People’s Bank of Bamberg went into voluntary liquidation, with the directors in charge, and some time subsequently, not disclosed by the record, a receiver was appointed.

At the time the Bamberg bank closed, Palmetto National Bank of Columbia, S. C., held its unindorsed note in the sum of $15,171.81, secured by certain collateral.

In February, 1923, under circumstances hereafter related, a renewal of this note was executed by the People’s Bank of Bamberg for the amount above stated which,…