Starr v. Detroit Bank

On July 28,1937, W. O. Noack’s Sons, Inc., a wholesale jewelry concern, borrowed $6,000 from the defendant bank on a 90-day note, due October 26, 1937, indorsed by one John J. Schantz. When the note became due no payment was made on principal and a renewal note was given for 30 days, with the same indorsement. On November 26th, when this note became due, the company paid $1,000 on principal by check on a commercial account in the bank and gave the bank a renewal note for the balance, $5,000, due in 30 days, with the same indorsement. On December 27, 1937, when this note became due the company…