Ross v. St. Clair Foundry Corp.

Mr. Presiding Justice Barry

delivered the opinion of the court.

In 1923 Richard Wiechert was president and S. A. Ross, appellee, was secretary of the appellant. The corporation was in need of funds and the president requested Mr. Ross to secure $1,000 for its use. Mr. Ross and his father Phillip Ross went to the bank and borrowed that amount oh their own note and deposited $1,000 to the credit of appellant. That.note was renewed every 90 days until late in 1929. By mutual agreement between the parties appellant paid the interest directly to the bank instead of paying it to appellees. During all…