First Nat. Bank v. Bailey

The plaintiff, a national bank at Le Sueur, Minnesota, claims to have purchased the negotiable note in suit, "In due course."

The defendants were operating an elevator at Mooreton, North Dakota, at the time the note was executed, and they alleged in their answer that the payee E.L. Welch Co. was a corporation of large financial standing engaged in handling grain on commission in Minneapolis and Duluth. That it was a custom of commission merchants to keep an open account with country shippers, and credit thereon, the proceeds of such shipments and to charge to such account, all drafts drawn by…