Waller

On January 13, 1921, the appellant Waller made and executed his promissory note for $375, payable six months after date, with interest. This note was payable to the order of the maker and was by Waller immediately indorsed and delivered to one G. D. Martin, whose connection with the matters in controversy will be presently explained.

With the above note defendant Waller also executed a writing worded as follows: >

The evidence taken in the case discloses that one William Louis Bessolo claimed to own some valuable patents on a new and useful wrench, and it appears that said Bessolo had, prior to the date of the note, transferred a certain interest in these patents^ to the “name” of said G. D. Martin, which individual was to act as “conveyor” thereof to the several purchasers who might subscribe for interests therein. Martin was acting with Bessolo and a committee of citizens of Red Bluff, in the promotion of a factory proposed to be erected at Red Bluff, California, for the manufacture of wrenches under the Bessolo patents. This committee was composed of H. P. Stice, R. L. Douglas, A. L. Conard, and H. P. Jerrett.

Waller’s total subscription was $500, of which $125 was paid in…