Ward v. Carlis

Kun, J.,

Plaintiff brought suit as holder of a promissory note against defendants as endorsers. The note was executed by Carlis and Clayton, Inc., and was endorsed by defendants, Isaac Carlis and Lester E. Clayton, individually. Defendants were the' owners of a majority of the stock of the maker corporation ; one was president and the other was treasurer of the corporation and both were actively engaged in the *686management of its business. The note was payable 30 days after its date. Three days prior to the due date of the note defendants, as officers of the maker corporation, filed a voluntary…