Title Guaranty Co. v. Barone

Opinion by

Mr. Justice Kephart,

Dr. Barone, with nine others, agreed to purchase stock in a newly-formed corporation known as the Plaza Company. Each of the prospective purchasers executed a note in the sum of four thousand dollars in favor of the Plaza Company to cover the cost. To insure against default on any of the individual notes, a blanket note was given to the Plaza Company, as payee, with Dr. Barone, appellant, as one of the endorsers. Subsequently, the proposed purchase fell through. Dr. Barone’s individual note was then returned and it was stated to him that the blanket note here in…