Kramer v. Stryker

On December 24, 1925, the American Cabinet Company by John O. Stryker, president, and Henry R. Brink, secretary, executed a mortgage note for $20,000 to the Holland City State Bank of Holland, Michigan. Stryker, Brink and four others, all directors of the corporation, indorsed the note as individuals. The note contained no waiver of notice of nonpayment or dishonor, nor was any such notice given to the indorsers when the company failed to pay the note on its due date, December 24, 1928. On May 31, 1929, the following agreement, referred to as exhibit A, was entered into:

“Whereas, The American…