Moore

This action is one upon a promissory note. From a judgment in favor of the plaintiff against all of the defendants, the defendant Russell prosecutes this appeal.

It is conceded by the appellant that he executed the note as a principal obligor; that the note was due at the time of the commencement of the action and that no part thereof had been paid. The grounds urged for a reversal of the judgment may be divided into two main groups: First, appellant contends that the entire transaction, out of which arose the note in suit, was unlawful and furnished no valid consideration to support the promise of appellant; second, that the note was tainted with usury and therefore void at least as to some of its provisions. Thus prefaced we may develop the facts surrounding and creating the issues presented.

Some time prior to the year 1923 a group of persons organized a corporation under the laws of the state of Nevada, known as and called National Land Value Guaranty Company. Upon organization certain of the capital stock of said corporation was issued as promotion stock, purportedly in exchange for certain properties or rights classified as actuary tables. In the year 1923 the said…