Geneva National Bank v. O'Brien

On the 17th day of October, 1921, while acting as president of both plaintiff and the Maine Pulp and Paper Company, William O’Hanlon received from defendant his note for $10,826, payable to the order of plaintiff, and at its place of business, on November' 16, 1921; and on the same day deposited it with plaintiff to the credit of the company. Defendant was vice-president of the company and both he and O’Hanlon owned $50,000 of its stock. The company was a large borrower of the- plaintiff and owed it about $137,000. Defendant resists payment of the note, and asserts failure of consideration;…