Kiser v. Westbrook

This was a suit by the holder on a promissory note given by the defendant to a corporation, in pursuance of a written subscription for its corporate stock. The law relating to the special rights of a bona fide holder for value of a negotiable instrument is not invoked, and no such question is involved. The defendant sought to plead: (1) that the promoter of the corporation induced the signing of the stock subscription by orally promising and agreeing that lie would see that the defendant was made president of the corporation, at a named salary; and (2) that the note was without consideration,…