Rigsby v. Boone County State Bank of Lebanon

The Boone County State Bank of Lebanon, Ind., appellee, brought this suit against the appellant, G. D. Rigsby, to recover a balance due on a note for $20,000, executed by Rigsby and payable to the bank, and to foreclose a lien on 1,000 shares of the capital stock of the Burdick Tire Rubber Company, evidenced by certificate issued in the name of Rigsby, and deposited with the bank, as collateral to secure the payment of said note. Rigsby pleaded several special defenses, but, in disposing of the appeal, it is necessary to notice only one of these. This defense was, in substance, that the note…