Commercial State Bank v. Beers

Evans, J. —

I. The plaintiff.is the payee of the note in suit. The note in suit is the third in a succession of notes given by the defendant for the same debt. The payee in the first note was the Iowa Bankers Mortgage Company. The payee in the last two is the plaintiff'. In May, 1919, -the defendant, Beers, purchased by subscription 100 shares of stock at par, in the Iowa Bankers Mortgage Compaany. He gave two notes therefor; $7,500 and $2,500 respectively. He purchased the same through Silvers, as agent. • Beers was an experienced business man, and knew that he was purchasing stock in a…