Third National Bank & Trust Co. v. Stagnaro

This is an action to recover from an endorser, the deficiency of $2185.68 due *60on a note secured by a chattel mortgage on a used 1955 International tractor and a used 1949 Trailmobile tandem box, after the plaintiff had foreclosed its mortgage on and sold said chattels and applied the net proceeds received from the sale to the balance due.

The parties are agreed upon the following facts: That on March 3, 1959, Stagg Lines, Incorporated, made a certain promissory note by which it promised to pay the plaintiff the sum of $5707.37, and before delivery of the note, the defendant, who was the…