Crawford

Defendant executed a note to The Agricultural Credit Corporation which that corporation put up as collateral on a loan procured by it from plaintiff. That loan not being paid, plaintiff brought this action on the defendant’s note. The defendant answered setting up that there was no consideration for the note; that it was given solely for the accommodation of The Agricultural Credit Corporation; that at the time of the execution of the note The Agricultural Credit Corporation had agreed with defendant that he would never be called upon to pay it but that said corporation would pay it and would return it to the defendant without any liability on his part; that the note was assigned to the plaintiff long after it became due and that at the time plaintiff received the note it knew that defendant had theretofore dishonored said note. The court, sitting without a jury, found that plaintiff had acquired the note after maturity; that there was no consideration for its execution; that it had been executed solely for the accommodation of The Agricultural Credit Corporation and that at the time of its execution said Agricultural Credit Corporation had agreed with the defendant that defendant…