Securities Acceptance Corp. v. Lewis

The cause was submitted on an agreed statement of the facts, together with certain exhibits. Aaron Lewis, the owner and operator of the M. & M. Chevrolet Company, of Chariton, had received by rail, from the General Motors Company, four Chevrolet automobiles, with sight draft and bill of lading attached, which papers were forwarded to the First State Bank of Chariton. The sight draft was for $2,227.15, plus an exchange charge of $1. Not having funds to pay the draft to secure the bill of lading and the automobiles, Lewis solicited the aid of the claimant for money to pay the purchase price.…