Brick v. Freehold National Banking Co.

The opinion of the court was delivered by

Dalrimple, J.

The defendant in this case is sued as endorser of a promissory note. The defence is, that the plaintiffs, the holders of the note, received from the maker a conveyance of certain property as collateral security for the payment of the note, and that because of their failure to sell the collaterals and appropriate the proceeds of the sale to the liquidation of the debt, coupled with the fact that the property held as collateral, had somewhat depreciated in value, between the time of the maturity of the note and the commencement of the suit,…