Bank of California v. Hoffmann

On February 12, 1931, A. W. Hoffmann, C. H. Mees, Chas. H. Bowers, J. E. Arndt, F. M. Devaud, and P. C. Rogers were directors of the First National Bank of Marion and were also associated in an unincorporated joint business association located at Marion, Wisconsin, known as the J. E. Arndt Insurance Agency. On that date the J. E. Arndt Insurance Agency executed two nonnegotiable promissory notes, each in the amount of $4,000 to Henry Dahl, payable thirty days after demand, with interest at the rate of four per cent per annum. They were executed in consideration of the deposit by Henry Dahl of…