Hudson County National Bank v. Simpson

This is an appeal by the defendant from a summary judgment for plaintiff entered in the Hudson County Court.

In 1930, the defendant Alexander Simpson delivered to the plaintiff Hudson County National Bank three promissory notes totalling $19,000, together with stock of the Trust Company of New Jersey as collateral security. The notes were payable on demand and contained numerous stipulations for the Bank's protection, including a provision that upon sale of the security the maker shall remain responsible for any deficiency in payment of principal or interest "waiving any and every benefit,…