Ely-Walker Dry Goods Co. v. Karnes

Action upon a promissory note with petition in the usual form. The answer was in two counts. The first count was a plea in bar and admitted the execution of the note, then alleged that he ivas surety on the note for the Karnes Mercantile Company, a corporation, the principal in the note. That said mercantile eom pany placed with plaintiff a number of notes held by it as collateral security for the payment of this note. That these collateral note) were merely endorsed by the Karnes Mercantile Company and delivered to plaintiff to be. held as collateral security and there was no agreement of…