Chemical Bank — Eastern N. A. v. Love Lumber Co.

In this action the plaintiff (Bank) seeks to recover a judgment of $1,300, of which amount the sum of $1,000 represents moneys allegedly advanced to the corporate defendant (Corporation) at the request of the individual defendant (Ledda), its president, while the remaining $300 is said to represent reasonable counsel fees which the defendants obligated themselves to pay in the event of the exercise by the Bank of any of its rights under provisions of a general loan and collateral agreement, dated April 23, 1974. The agreement refers to a line of credit which the Bank might, in its discretion,…