London Records, Inc. v. Everett Lee De Golyer, Jr., H.C. Townsley and Southern Mercury, Inc

This action was brought by the London Records,,. Inc. against its distributors, 'Southern -Mercury, Inc., as principal ■obligor, and Everett Lee DeGolyer, Jr. and -H. C. Townsley, as guarantors, for the alleged failure of defendant Southern Mercury, Inc., to pay .certain indebtedness to the plaintiff, London Records, Inc. Thereafter an involuntary pétition in- bankruptcy was instituted against .Southern Mercury, Inc., and the district court entered an order on April 8, 1954, staying the proceeding in the instant action insofar as such proceeding was against defendant Southern Mercury, Inc.…