United States v. Winnett

ORR, Circuit Judge.

Appellee Winnett borrowed money from one Summers 1 and executed a note therefor in the sum of $60,000. Later, Summers-borrowed money from a bank, executed notes and Winnett endorsed them with the understanding, both oral and written, that in the event Summers defaulted in- any or all of the payments to become due on her notes, and Winnett was called upon to make payment, the amount so paid by him could be set off against any amounts due or to* become due on the $60,000 note. This agreement was reduced to writing on May 26, 1938, and on the same day an endorsement was made…