Farmers State Bank v. Shafer

*861The opinion of the court was delivered by

Mason, J.:

B. C. Shafer executed two “myself” notes for $2,500 each, which were delivered to an organization in the nature of a “common law trust,” known as the Associated Mill and Elevator Company, in exchange for certificates of interest therein, called participation certificates. The notes were bought before maturity by the Farmers State Bank of Quinter. One of them was paid. The other was renewed by two notes given by Shafer to the bank, which brought this action on them against Shafer, who defended on the ground that the original note was obtained…