Cadle Co. v. Patoine

Amestoy, CJ.

Defendant Barbara Patoine, a co-signer on a defaulted promissory note purchased by plaintiff Cadle Company from the' Federal Deposit Insurance Corporation (FDIC), appeals the superior court’s summary judgment ruling refusing to apply any of her asserted defenses against plaintiff. We reverse.

In August 1991, Wayne Kimball obtained a $40,000 construction loan from Caledonia National Bank. Defendant co-signed the loan as an accommodation maker and thus was equally liable for its payment upon default. See 9A V.S.A. § 3-419(b); Federal Fin. Co. v. Landers, 169 Vt. 570, 571, 740 A.2d…