International Trust Co. v. Myers

The defendants, manufacturers and sellers of clothing, were depositors of the plaintiff from which from time to time for a number of years they borrowed money for use in their business. The plaintiff before making loans required of the defendants and they submitted each year a statement of their financial condition which supplied the necessary information on which the plaintiff could determine whether the credit solicited could safely be given. The defendants on March 27,1916, having furnished such statement received on their promissory notes for $2,000 each, $20,000, and in 1917, while the…