Sixteenth Ward v. Reliable Loan

The appellant corporation, on June 24th, 1927, executed and delivered to respondent its bond and mortgage to secure the payment of $53,000. The officers and directors of the corporation joined with it as individual obligors in the execution of the bond, and are parties to this appeal. On or about July 9th, 1934, the mortgagor was in default, and with the knowledge and consent of the individual obligors on the bond, requested the respondent to refund or recast the loan so that the indebtedness, which had been reduced to $40,000, would be represented by a straight mortgage loan of $25,000 and a…