D'ippolito v. Castoro

The opinion of the court was delivered by

Haneman, J.

This appeal requires a determination of the duties and liabilities existing between co-guarantors of a promissory note.

The record discloses that D’Ippolito attempted to establish his own carton manufacturing corporation in 1962. When a credit commitment failed, D’Ippolito sought working capital from other sources. He contacted Castoro, an experienced businessman who, after several meetings, began to advance money to the corporation.

The financial condition of the corporation worsened and it became necessary to obtain loans from the Trenton…