Farmers' & Merchants' Bank v. Nissen

On May 27, 1918, the Interstate Tractor Company drew its bill of exchange on defendant, payable October 1, 1918, for $2,500, in consideration of two tractors to be thereafter delivered. The defendant accepted the draft on May 27, 1918. This trade acceptance was negotiated to plaintiff on June 15, 1918, for face value less a discount of $28, bjy the Black Hawk National Bank of Waterloo or by its president. At maturity defendant refused to pay. Action was brought thereon, which resulted in a directed verdict for plaintiff. From the judgment and an order dienying new trial, defendant appeals.

The…