Modern Industrial Bank v. Grossman

This is a motion to stay proceedings under the Soldiers’ and Sailors’ Civil Belief Act of 1940 and the amendments of 1942. (U. S. Code, tit. 50, Appendix, § 501 et seq.)

Plaintiff is the holder for value of a promissory note in the sum of $405, dated October 24, 1941, executed by the defendant Grossman as maker and by the defendants Zazeela and Black as comakers. As security for said note, the defendant Grossman subscribed to and assigned, as collateral, an installment investment certificate. The defendants agreed that, in the event of default in any of the payments on said certificate, the…