First National Bank v. Naylor

This action was brought to recover $2,600 and interest on a promissory note, dated August 24, 1931, payable six months after its date to the order of Associated Property Holders, Inc., and delivered by the latter to plaintiff on September 18, 1931. The evidence which was admitted on the trial established the following facts without any material conflict: Defendant was a stockholder of the Associated Property Holders, Inc., which in August, 1931, was indebted to plaintiff on its collaterized note, in which it had agreed to deliver to plaintiff additional securities or make payments on account…