Guaranty Laundry Co. v. Lewis

The plaintiff, N. K. Lewis, and one J. L. Beasley sold certain laundry equipment to Willis G. Sautbine and others to be used in a laundry corporation thereafter to be formed. The corporation was later formed and is the plaintiff in error, Guaranty Laundry Company. Under the contract, Lewis and Beasley were to receive a consideration of $4,500 to be paid as follows : One note for $1,000 and one for $1,500, both to be secured by a chattel mortgage on the property covered by the contract; the assignment by Lyn R. Sautbine, brother of Willis G. Sautbine, to Lewis of a $2,000 note given by one…