Reconstruction Finance Corp. v. Osven

Loring, Justice.. In a suit upon a promissory note the trial court sustained the defense of the statute of limitations, and the case comes here upon appeal from the judgment.

October 2, 1930, the defendant gave his promissory note to Alf B. Lund for the sum of $220 due November 15, 1931, with interest at the rate of eight per cent per annum. Lund endorsed the note to the First National Bank- of Dawson, which became insolvent and for which one Andresen was appointed receiver. The receiver found that defendant had $115.94 on deposit in the bank and applied this deposit upon the note. This left a…