Hibernia Securities Co. v. United Manufacturing Co.

The complaint, omitting mention of matters immaterial to this appeal, alleges that December 10, 1929, the defendant United Manufacturing Company, to which we shall hereafter refer as the defendant, signed and delivered to the Hibernia Commercial and Savings Bank a negotiable promissory note of the denomination of $15,000, payable three years hence, and bearing 7 per cent interest, payable monthly. It further alleges that concurrently with the signing of the note the defendant executed and delivered to the payee a real estate mortgage to secure pay ment of the note; that June 20, 1930, the…