Valley National Bank v. Shumway

This action involves a guarantee of payment of accounts executed by the deceased, Spencer B. Shumway, in favor of appellant. Shumway died pending this appeal, and Andrew Shumway, executor, has been substituted as appellee. The action was instituted by the bank as plaintiff against the guarantor Shumway as defendant. The parties will be referred to as plaintiff and defendant. The facts so far as pertinent are as follows:

The defendant was a stockholder, director and vice-president of Clem Lumber Company, Inc., a corporation, which will hereafter be referred to as the company. He was an endorser…