German Savings Bank v. Drake Roofing Co.
Supreme Court of Iowa
Appeal from Polk Dislrict Qourl. — IIon. T. E. Stevenson, Judge. Action at law on a contract of guaranty. Defendants pleaded no notice of the acceptance of the guaranty, of advancements made thereon, or of tbe default of the principal debtor. They also pleaded extension of time to the principal, and change in the principal contract without their assent.
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Appeal from Polk Dislrict Qourl. — IIon. T. E. Stevenson, Judge. Action at law on a contract of guaranty. Defendants pleaded no notice of the acceptance of the guaranty, of advancements made thereon, or of tbe default of the principal debtor. They also pleaded extension of time to the principal, and change in the principal contract without their assent. The case was by agreement tried to the court without a jury, resulting in a judgment for plaintiff; and the defendants other than the Drake Boofing Company and J. F. N. Drake appeal.
1Opinion of the CourtDeemer, J.
1 The Drake Boofing Company was engaged in the business of gravel roofing in the, city of Des Moines. Prior to October 2, 1895, it had been doing business with plaintiff, a banking corporation in the same city. Wishing to branch out in its business, the roofing company, through its secretary, J. F. N. Drake, applied to the bank for further accommodations, by way of loans, to enable it to buy materials in larger quantities and at better rates. The secretary did not wish to furnish sureties every time he called for a loan, and a guaranty was agreed upon. The attorney for the bank prepared the…
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