E & G Finance Co., Inc. v. Simms

Plaintiff finance company entered into an agreement with defendant retailers on May 13, 1957, whereby plaintiff undertook to discount certain contracts. The agreement provided for recourse by plaintiff against defendants in the event of default. Defaults occurred and under date of January 28, 1958, plaintiff notified defendants of its intention to exercise its option by bringing an action for recourse against defendants. On May 6, 1958, such an action was commenced by plaintiff in the common pleas court for the city of Detroit. Defendants answered the declaration, denying that plaintiff was…