Second National Bank v. McDonald

*498This was an action on a promissory note for $2,750, given by defendant, George E. McDonald, to plaintiff, The Second National Bank of Cincinnati, dated February 1, 1912, payable on demand. This note was given in renewal of a note for the same amount dated January 16, 1909. . •

The plaintiff, a national bank whose capital stock was $500,000, by virtue of the federal statutes took the necessary steps to increase its capital to $1,000,-000. The defendant became a subscriber for ten shares of its capital stock, purchased by him at the market price of $275 per share. The bank loaned him $2,750 to…