Whitaker Iron Co. v. Preston National Bank

The plaintiff is a manufacturer of sheet iron. During the year 1890 it furnished to the Detroit Elbow Company goods to a considerable amount, including those in question in this suit. The elbow company, in December, 1890, sold the goods in question to *148the defendant, and the agreed price was indorsed as payment upon certain notes held by the bank and given by the elbow company. The bank held the guaranty of one of the directors of, the elbow company, J. D. Standish, which it was claimed by defendant was released by operation of law upon accepting the goods.in question as part payment. The…