Tallahassee Bank & Trust Company v. Raines

In a suit on a series of notes, plaintiff bank appeals from the grant of summary judgment for the defendant makers and from
the denial of its own motion for summary judgment. Defendants executed a five-year lease on a farm belonging to one C. Scott Vinson in late October of 1968. It provided for
a yearly rental of $8,000. Vinson had a large personal debt with the appellant bank. In November of 1968, he assigned the
rentals due under the lease to the bank. In February of 1969, in response to a call from the bank for more security, Vinson
procured from defendants a series of five notes for $8,000, each one payable on successive yearly dates. We presume the defendants
executed these notes as an accommodation to Vinson since they were already bound to pay these amounts under the lease. Vinson
promptly assigned the notes to the bank by way of a separate document entitled "Assignment." Defendants paid the first note
which matured in October of 1969. In January of 1970, upon Vinson's default, his mortgage was foreclosed and the farm was
sold at public auction. Defendants were called upon to pay rent to the new owner and subsequently defaulted on the note which
matured in October of 1970.