Central State Bank v. Peoples Savings Bank

This controversy has its origin in the following *45transaction: The Associated Pácking Company, an alleged corporation for pecuniary profit, sold shares of its capital stock to certain subscribers, who executed promissory notes to such company for tbe purchase price. The notes thus procured were by said company sold to the defendant, Peoples Savings Bank. Instead of paying for said notes by an immedi-. ate transfer or delivery of the consideration in cash, said bank issued and delivered to the company certificates of deposit, payable at specified dates in tbe future. Thereafter, and before said…