Lindquist v. Industrial Savings Bank

I. The fact.situation .is not seriously in dispute.

The Miller-Toher Auto Company was a .local dealer .in automobiles. For convenience, this concern will be referred to hereinafter as “The Company.”

Early in the year 1924, The Company was in financial difficulties. They had outstanding indebtedness to the bank " of about $5,000, secured by a chattel mortgage on secondhand automobiles. They also were unable to meet their local bills, such as rent, light, heat, water, telephone, etc. They were local representatives of the Chandler-Cleveland- Motor Corporation, manufacturers of automobiles. This…