Pennington v. Nelson

In July, 1921, the plaintiff-appellee and the defendant-appellant, together with eight other men, organized a copartnership at Castana, Iowa, for t1i~ purpose of "buying and selling notes, bonds, mortgages, and other securities. " These eopartners were officers and directors of the Farmers Trust & Savings Bank in said town. Therefore, the reason for enter ing into the partnership venture was to relieve the bank of questionable, and make provision for excessive, loans. Written articles of copartnership were entered into by the parties aforesaid. Of this document, Article Four reads as follows:

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