St. Francis Mercantile Equity Exchange, Inc. v. Glenn Walter

The opinion of the court was delivered by

Fatzer, C. J.:

The appellant, The St. Francis Mercantile Equity Exchange, Inc., brought suit as promisee to collect on an unsecured promissory note executed by the appellee, Glenn Walter, on February 4, 1965. The appellee filed a cross-petition alleging he was the owner of certain shares of stock and “deferred patronage dividends” in the Exchange. He sought to have the value of those assets setoff as a credit against the principal and interest on the note, or in the alternative, judgment against the appellant for that value.

The appellant filed a motion…