First National Bank & Trust Co. v. Dolph

The Super Realty Company issued bonds, secured by a trust mortgage on land in Washtenaw county, the First National Bank of Ann Arbor being named therein as trustee. Each of the bonds contained the following provision:

“For value received, we, Ray Dolph, J. Fred Wuerth and Samuel O. Davis, being the owners of more than Ys of the capital stock of the Super Realty Company, do hereby guarantee the trustee of the within mentioned mortgage the punctual payment, when due, whether at maturity or at an accelerated or extended date, of the principal of the within bond and the interest thereon, according…