Vaccaro v. Andresen

HOOD, Chief Judge.

Michael P. Vaccaro, one of the appellants here, and appellee Andresen were officers and stockholders in a corporation engaged in the florist business. The corporation was in financial difficulties and on March 31, 1961, Vaccaro and his wife executed an “installment discount” note to a bank in the sum of $2,556. The net proceeds of the note amounted to $2,009.54 and Vaccaro paid $2,000 of it to the corporation. According to Vaccaro the note was executed and the money paid to the corporation at the request of Andresen, who orally guaranteed payment of the note. According to…