First National Bank v. Branagan

— The contract of guaranty sued upon will be presently set forth. It was duly signed by the directors of the Emmetsburg National Bank, in furtherance of a plan promul*454gated by the officials of the respective banks for an exchange of discounts, whereby the discounts transferred were to be personally guaranteed respectively by the directors of the transferring bank.

The contract of guaranty was preceded by considerable correspondence between Wilson, as president of the Emmetsburg Bank, and Coffman, as cashier of the Hawarden Bank.- This correspondence is a full disclosure of the mutual purpose…