Empire Millwork Corp. v. Lapides

THOMSEN, Chief Judge.

In this action by the payee of a note against an indorser-guarantor, the latter contends that the suit is prematurely brought by reason of the terms of a composition agreement to which the maker, the payee and the indorser-guarantor were all parties.

On November 5, 1956, by its promissory note, Lehigh Construction Co., Inc., promised to pay to plaintiff or order $8,830.22 on May 6, 1957, with interest at 5%. On the reverse of the note the signature of defendant, Morton M. Lapides, appeared under the following printed statement:

“For value received the undersigned and each…