Gate City National Bank v. Schmidt

This is an action against tie indorser of a negotiable promissory note. Tbe material facts are as follows:

*154Defendant Schmidt sold a restaurant in Kansas Oity to Prank J. Turnbull, Jr., and Ormus L. Brockett for $6000 and accepted the promissory notes of tbe vendees for part of tbe purchase price and at the same time received a 'chattel mortgage executed by them to secure the payment of the notes. The mortgage covered all the personal property included in the sale. The notes and mortgage were executed and delivered to defendant June 15, 1905. All of the notes except the one in suit were paid by…