Ross v. Worth Electric Supply Co.

OPINION OF THE COURT

Seymour Schwartz, J.

This action has been presented for determination on a *1059stipulated set of facts set forth in open court on February 1, 1979 and additional stipulated facts provided on March 20, 1979 when oral argument was heard.

On April 13, 1976 Alvin Ross and Louis Cohen, co-owners of defendant Worth Electric Supply Co., Inc. (Worth), each borrowed $10,000 from Middle Village Credit Union (Credit Union) and on April 15, 1976 deposited the proceeds of the loans into the account of Worth. Each loan was cosigned by the maker’s wife and the other shareholder and his wife.…