Shaw v. Avant
| Decision Date | 21 December 1929 |
| Docket Number | (No. 8288.) |
| Citation | 23 S.W.2d 447 |
| Parties | SHAW, Banking Com'r, v. AVANT. |
| Court | Texas Court of Appeals |
Appeal from District Court, De Witt County; J. P. Pool, Judge.
Suit by James Shaw, Banking Commissioner, against B. C. Avant. Judgment for defendant, and plaintiff appeals. Affirmed.
Spencer, Rogers & Lewis, of San Antonio, for appellant.
Fly & Ragsdale, of Victoria, for appellee.
The case submitted here is substantially the same as that of No. 8289, James Shaw, Banking Commissioner, v. W. C. Nolen, this day decided (Tex. Civ. App.) 23 S.W.(2d) 445, with this exception, that the judgment was rendered in the latter case upon specific findings of the jury, whereas in this case the judgment was rendered upon a directed verdict in favor of appellee. The evidence was substantially the same in its effect in both cases, so that there remains to be determined in this case the question only of whether there was such conflict in the evidence as to raise an issue for the jury.
It may be said, generally, that it was shown by both pleadings and evidence that appellee executed his promissory note, payable to Yoakum State Bank, for $2,500, and delivered it to one Brown, as agent of the Bankers' Finance Corporation. The note was given primarily for the purchase of capital stock in said corporation, with the understanding between the parties that the stock would ultimately, upon reorganization or enlargement of the capital stock of said corporation, be issued to appellee, and that said corporation would thereupon make a loan to appellee, from which loan the corporation would withhold the amount of the note. It was further agreed between the parties that the note would be held, and its delivery as a binding obligation would be postponed, until the corporation issued said stock and made said loan to appellee. That stock was never issued, nor the loan made, to appellee, whereby there was a total failure of consideration for the execution of the note.
The officers of the Yoakum State Bank had full notice of all these matters, and the agent Brown acted throughout the transaction with the full knowledge, acquiescence, and connivance of the bank's officials. When Brown procured the note from appellee, he delivered it to those officials, who placed it among the assets of the bank.
Subsequently its officials, ascertaining that the corporate charter of said bank had expired through the carelessness or...
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