Rissman v. National Thrift Corp. of America

SCOTT, J., pro tem.

On March 16, 1931, defendant executed and delivered to payee an installment note in the principal sum of $25,000, payable in monthly installments of $4,000 each, eommeneing June 16, 1931, with a final payment of $1,000 in December of that year. The payee of *449the note was Sierra Reserve Holding Company, Ltd., a Nevada corporation. On the same day that it was executed, payee assigned the note to Edison Securities Company, a corporation, as collateral security for the payment to it of a note of the Sierra Company to it, and the note was placed in escrow with Metropolitan Trust…