Ainley v. American Mutual Fire Insurance

Ladd, I.

1 *7112 *710The evidence shows conclusively that on the twentieth day of April, 1897, the defendant was indebted to the Merchants’ & Bankers’ Insurance Company, or Theodore F. Getchell, or both, in the sum of $6,000. This was for money advanced for the organization of the defendant company, and premiums on reinsurance. Getchell insists he had no personal interest in the debt, and took the note in suit for the benefit of the Merchants’ & Bankers’ Insurance Company, and afterwards assigned it to plaintiff, as its secretary. On the other hand, the defendant asserts that the note was executed for…