Iowa-Missouri Grain Co. v. Powers

— Defendant was one of the original incorporators of appellant company, and owned 20 shares of its stock, evidenced by Certificate No. 24. On July 18, 1919, the defendant executed a promissory note to appellant for $1>345.66, due. one year after date.. On May 8, 1920, he executed and delivered to the intervener the note upon which its cause of action is based, for $2,705, due 90 days after date. On the same day, he assigned the certificate for the 20 shares of stock to intervener, as collateral security for this note. The real controversy between appellant and intervener is as to the priority…