Howard National Bank & Trust Co. v. Newman

In July, 194B, the defendant came to the plaintiff, hereinafter called the Bank, to request the Bank to make a loan to Harley Fay of Rochester. It appeared that Fay owed Newman about $1,000.00 and wished to purchase certain chattels. The purpose of the loan, was to take care of Fay’s debt to Newman and provide funds for the purchase of the chattels.

After certain steps had been taken the loan was made and a note given the Bank by Fay.' The note was secured by a mortgage on certain real estate owned by Fay, by a chattel mortgage on cattle owned by him, by an endorsement of Newman and an…