American National Bank v. Administrator of Veterans' Affairs

This is an action by the American National Bank of Kalamazoo on a guaranty by the Administrator of Veterans’ Affairs.

On March 21, 1947, plaintiff bank loaned D. A. Dolph, a World War II veteran, $4,000 and took a note and chattel mortgage on a tractor as security. The note was payable in monthly instalments. On April 1, 1947, the indebtedness was guaranteed to the extent of 50 per cent, of the indebtedness outstanding from time to time by the administrator of veterans’ affairs under the servicemen’s readjustment act of 1944, as amended. D. A. Dolph defaulted in his payments and plaintiff…