Taylor Feed Pen Co. v. Taylor Nat. Bank

In 1910 the Taylor Cotton Oil Works was indebted to the Taylor National Bank, defendant in error, in a sum in excess of the amount the bank was permitted under the national banking laws to loan to one customer. The bank had a mortgage on the property of the cotton oil works, which was considered ample to secure its indebtedness, but desired to reduce the indebtedness to the sum of $25,000, in order to a compliance with the banking laws. P. E. Ripley was the president and general manager of the oil works company, and a stockholder therein. He was indorser on notes of the oil works company to…