Chattahoochee Holdings, Inc. v. Marshall

McMurray, Judge.

In March of 1972, The Athlon Corporation executed a promissory note in the amount of $33,000 to the People’s American Bank. This note was individually endorsed by Chattahoochee Holdings, Inc., Lee W. Marshall and J. Donally Smith. Chattahoochee Holdings, Inc. put up as security for the loan a $35,000 certificate of deposit. On or about April 27,1972, the three endorsers executed a letter agreement whereby each agreed to reimburse the other endorsers on a pro rata basis ("one-third of the amount so paid”) should any of the endorsers be obligated to pay People’s American Bank…