Shaw v. Borchers

Plaintiff in error, as the statutory receiver for the Yoakum State Bank, sought judgment against the defendant in error as the maker of a note payable to said bank, in the sum of $5,000.

The defendant pleaded in defense of such action that the note sued upon was in renewal of a note executed by him in consideration of the issuance of certain stock in the *968Bankers’ Finance Corporation of South Texas; that said note was not to be an enforceable obligation against him until the stock in said corporation had been issued and delivered to him, which was never done. With reference to the execution of…