Merrill

Plaintiff sued as assignee of six promissory notes executed by the defendant corporation. The cause was tried without a jury and resulted in a judgment for plaintiff as prayed. The appellants are all preferred stockholders of the' defendant corporation who intervened and who appeal from the judgment on typewritten transcripts.

Karl Elliott, Kathryn Elliott, his wife, and one Bowman, his grandfather, composed the board of directors of the Normandie Corporation. The notes in suit were executed by the officers of the corporation by authorization of the board of directors in consideration of money loaned to the corporation by Karl Elliott, who was named as payee in each note. All were assigned by Elliott to the plaintiff in consideration for money advanced by plaintiff to Elliott.

On this appeal the appellants advance four points for a reversal of the judgment which we will consider in order.

1. The complaint fails to state a cause of action because it appears on the face of each note that it was issued to one of the trustees of the stockholders of the corporation, but the complaint fails to allege that the notes were executed for a good and valid consideration. If the point were…