President & Directors of the Manhattan Co. v. Callister Bros.

Application by petitioning bank, pursuant to section 1078 of the Civil Practice Act, for leave to bring an action against John T. Callister and William L. Callister on three renewed promissory notes indorsed by them, and made by Callister Brothers, Inc., aggregating in principal amount the sum of $179,600.

It is needless to review here the entire background and history of the prior litigation. The relevant facts on this application follow. In April, 1938, petitioner held the aforesaid three notes, then past due, and at the same time held, as collateral security, a bond and mortgage on real…