First State Bank of Canute v. Thomas

The plaintiff sued upon a promissory note, and the defendants filed separate answers setting up different defenses. Both admitted the execution of the note, but B. G. Thomas alleged that the note sued upon was a renewal note; that prior to its execution he had executed a note to the bank and secured it by chattel mortgage covering certain personal property, consisting of furnishings and fixtures in a cafe owned and operated by him in the town of Canute. He alleged that the value of such personal property exceeded his indebtedness to the bank at the time he executed the renewal note. He…