Merchants Bank & Trust Co. v. Walker

This is an action by the appellant on a promissory note for $450 executed by the appellee to it. The appellant is a bank organized under the laws of this state and the appellee’s defense to the note is that it is void under Section 4148, Code of 1930, for the reason that it was given for a balance due on a former note given by him to the appellant in payment for five shares of its corporate stock issued by it to him. The appellant denies that this was the consideration for the former note and its claim is that it was given for the loan of money from the appellant to the appellee to enable him…