Lentz v. K. B. Johnson & Sons, Inc.

Tbe two decisive questions of law presented are:

1. If tbe president of a corporation executes a promissory note in tbe name of tbe corporation, payable to a bank, and delivers same to said payee at tbe request and for tbe accommodation of said payee, without tbe knowledge or authority of tbe officers or directors of tbe maker, can such maker in. a suit by tbe receiver of tbe payee assert failure of consideration as a valid defense to tbe action ?

2. Was sucb execution and delivery of tbe instrument an ultra, vires act?

Tbe statute, C. S., 3008, provides that failure of consideration is a valid…