Paxton v. First State Bank of Tatum

This suit arose as an aftermath of the closing of the First State Bank of Tatum, Tex. The bank closed in the latter part of January, 1927. Thereafter a new bank, known as the Tatum State Bank, was formed which took over the assets and equipment of the old First State Bank; stockholders of the old First State Bank guaranteeing the assets acquired, by the new State Bank. Among the assets-of the old First State Bank were found the two promissory notes sued upon herein; one-executed by Wm. Morton Paxton, the former cashier of the First State Bank, and the other executed toy one R. L. Sholar. Both…