Regional Agricultural Credit Corp. v. Stewart

The plaintiff is a Federal corporation organized under the provisions of the Emergency Relief and Construction Act of the Congress of the United States and sues to recover on a promissory note executed and delivered by the defendants to the plaintiff and secured by a chattel mortgage.

The main, if not the only, defense is that prior to and at the time of the foreclosure of the chattel mortgage an agreement was entered into between counsel for plaintiff and the defendants that if the latter would consent to the sale, assist in, and co-operate in the same, “the plaintiff would accept the…