Gates v. Ritchie

"Wood, J.

This action was instituted by the appellee against the appellant on two promissory notes of $500 each, dated October 15,1914, bearing interest at the rate of eight per cent, per annum from maturity until paid. The appellant, in his answer, admitted the execution of the notes, and set up in defense that, at the time he executed the two notes sued on, he also executed another note to the appellee in the sum of. $1,000. Appellant alleged that all of these notes were given for the purchase price of an undivided one-third interest in the telephone system at Hampton and Banks, Arkansas,…