California Bank v. Clay

Action on promissory note made by defendant in favor of plaintiff on November 1, 1957, in the sum of $11,000, payable 31 days after date, upon which a balance of $8,000 with interest from December 29, 1957, was due at the time of suit filed on January 26, 1960. The complaint alleged that the loan was induced by a fraudulent financial statement of August 30, 1957, showing assets of $160,500 and a net worth of $123,000. Defendant relied upon a discharge in bankruptcy granted him on August 14,1958.

The trial centered upon the question whether the debt was thus discharged. A joint pretrial…