Payne v. Cavanaugh

Defendant was indebted to the First National Bank of Paw Paw on promissory notes. Her son and daughter were likewise indebted on their personal obligations. None of the notes were secured by collateral. On April 8, 1932, the officials of the bank secured from defendant new notes covering the indebtedness of defendant as well as that of her son and daughter. The' new notes were signed by defendant alone and secured by real estate mortgages, being a substitution of the previous indebtedness against all of the aforementioned parties. In proceedings to foreclose the mortgage by the bank,…