President, State Bank v. Gaiennie

On the twentieth April, 1860, the defendant, for the ac-

commodation of B. Toledano & .Taylor, made his promissory note to his own order for the sum of §10,956 56, dated at New Orleans, and payable three years after date, and indorsed the same in blank. On the thirteenth April, 1861, more than two years before the obligation matured, it was transferred to the plaintiffs, the Louisiana State Bank, as collateral security for three notes of Toledano & Taylor, amounting in all to $85,000, and falling due in 1863.

The notes lastly mentioned being unpaid, the bank instituted suit thereon in New…