Fraioli v. Kalb

This is an appeal from an order entered May 1, 1961, dismissing the first cause of action for insufficiency.

The first cause óf action is against the individual defendants as guarantors on a collateral promissory note. It is alleged that the defendants guaranteed payment of a long-form collateral note made payable by Herold Radio & Electronics Corporation to Austin Associates, Inc., subsequently assigned by them to Sheffield Commercial Corporation as security for the repayment of Austin’s note to Sheffield, and later acquired by plaintiff, who is now the holder thereof. The complaint further…