Huether v. Baird

The Elliott Farmers Co-operative Store Company, a corporation, was organized in 1917.. It- borrowed of the State Bank of Elliott, on March 5, 1921, the sum of $3,000. This indebtedness .was last renewed on January 1, 1924, and the plaintiff's in this action, with other stockholders of the co-operative store, guaranteed the payment of the note. The State Bank of Elliott became insolvent and passed into the hands of the defendant, as receiver, on June 11, 1924. The co-operative store company had on deposit in the State. Bank at the time $400.12, which was credited on the note on July 1, .1924.…