Post Office Employees Credit Union v. Morris

McCALEB, Judge.

On August 3, 1927, Charles A. Morris, a member of the Post Office Employees Credit Union, applied for and obtained a loan from it in the sum of $400. As security for the repayment of the obligation, he, with William Douglass, Noah J. Bennett, Alfred Gueringer, and H. C. Clark, as comakers, executed a promissory note in favor of the credit union in the full sum of $400, payable in monthly installments of $40 each, with interest at the rate of 12 per cent, per an-num, payable 1 per cent, per month, on the unpaid balance. The note further provided that, in case of any default in…