(DOWNLOAD) "Merchants Nat. Bank v. Stone" by Supreme Judicial Court of Massachusetts * eBook PDF Kindle ePub Free
eBook details
- Title: Merchants Nat. Bank v. Stone
- Author : Supreme Judicial Court of Massachusetts
- Release Date : January 30, 1936
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 68 KB
Description
PIERCE, Justice. This is an action upon a written, sealed guaranty, signed by the defendant. It is alleged in the declaration that on November 12, 1930, one Mary G. Breslin was indebted to the plaintiff on her negotiable note, dated November 1, 1929, originally in the sum of $37,000; that on November 12, 1930, one Charles S. Breslin, husband of the said Mary G. Breslin, executed and delivered to the plaintiff a guaranty, by the terms of which he undertook, among other things, to guarantee due fulfilment to the plaintiff of all obligations, direct or indirect, of the said Mary G. Breslin to it, to an unlimited amount at any one time outstanding, whether incurred prior to the signing of the aforesaid guaranty or thereafter and before revocation thereof; that on September 22, 1931, the defendant executed and delivered to the plaintiff a guaranty by the terms of which the defendant undertook, among other things, to guarantee due fulfilment to the plaintiff of all obligations, direct or indirect, of said Charles S. Breslin to the plaintiff, up to an aggregate amount of $10,000, at any one time outstanding, whether incurred prior to the signing of the aforesaid guaranty, or thereafter and before revocation thereof; that at the time of the execution of this guaranty there was due on Mary G. Breslin's note a balance of $19,500, not including interest; that there was due on her note on the date of the writ in the present action a balance of unpaid principal amounting to $13,415.69, together with interest amounting to $2,407.15; and that this constituted an obligation, 'direct or indirect,' of Charles S. Breslin, within the terms of the defendant's guaranty. The answer of the defendant need not be fully quoted. In general it is alleged therein that the plaintiff used, transferred and otherwise dealt wrongly with the securities pledged with the Breslin loans; and that the action was prematurely brought because the plaintiff had not exhausted its remedies against the principal obligor or against the collateral securing the obligation. His requests for findings and rulings are to the effect that the plaintiff misrepresented to the defendant prior to the execution of the guaranty in question, the nature and extent of Charles S. Breslin's guaranty of Mary G. Breslin's obligations; and that the defendant, by false representations concerning the item of collateral security held by the plaintiff, was induced, long after the guaranty had been executed, to refrain from revoking said guaranty.
 "Merchants Nat. Bank v. Stone" by Supreme Judicial Court of Massachusetts * eBook PDF Kindle ePub Free){kind=link}