First National Bank v. Apex Motor Corp.

Plaintiff bank agreed to and did loan $10,000 to defendant corporation on its note, indorsed by four of its officers, Todd, Guy, Matthews and Heinz. At the making of the first renewal note, Heinz was dropped as an indorser at the request of the maker and remaining indorsers and by consent of the bank, and the note was indorsed by Todd, Guy and Matthews. Subsequent renewal notes were indorsed by Todd and Guy, not by Matthews. The maker, acting for itself and the indorsers, obtained the signatures of indorsers and delivered the notes to the bank. The bank sued on the last note, having returned…