Cámara Insular de Comerciantes Mayoristas v. Lavandero

Some time in March 1950, the domestic corporation Suers, de Lavandero, Inc. owed the sum of $22,232.82 to several *576commercial firms of this city. In view of the fact that its financial condition did not permit it to pay on their due date the obligations contracted, Frank Santiago Lavandero, president of that corporation, wrote to the adjuster of the Cámara Insular de Comerciantes Mayoristas proposing a plan for the payment of those debts. In that connection, he stated that he was willing to pay the full amount thereof “through that entity” in monthly instalments of not less than $500, and to…