City Trust & Savings Bank v. Edson

This action is against appellant, as indorser of two negotiable certificates of deposit for $1,000 each, issued to him on March 1, 1921, by the First Trust & Savings Bank of Sibley. The certificates were indorsed by appellant to one Charles Olson, and by the latter transferred to appellee, as col lateral security for a note of $2,000. The drawer became insolvent, and its affairs were placed in the hands of a receiver, prior to March 1, 1924, when the certificates matured. The certificates were presented by appellee for payment, payment was refused, and notice of dishonor was mailed to the…