Farmers & Merchants State Bank v. Olson

The complaint declared upon two promissory notes indorsed by defendant, the payee, and delivered to plaintiff, a bank, a few days after their execution by the makers, John R. Breed and Cora A. Breed.

The answer admitted the execution of the notes, their indorsement and delivery to plaintiff and then alleged as a defense that, at the time the notes were made, one A. D. Schendel was the president of and owned a controlling interest in the plaintiff; that' Schendel and defendant became jointly interested in exchanging 960 acres of land in Swift county, Minnesota, to said John R. Breed for 5…