CCE Federal Credit Union v. Chesser

Carley, Judge.

On September 8, 1978, the appellant-credit union loaned to the appellee the sum of $2,900. The loan proceeds were issued to the appellee in the form of checks made jointly payable to her and certain of her creditors she had designated as payees. The indebtedness was evidenced by a promissory note payable to the appellant and signed by both the appellee and a co-signer.

On that same day, after the checks were issued and the note signed, the co-maker informed the appellant that she no longer wished to serve in that capacity and renounced the signature she had earlier affixed to the…