Pender v. Cook

Opinion by

Me. Justice Kephaet,

Stephens made a note of $10,000 payable to Pender; it was endorsed and the proceeds used for Cook’s benefit. Both Stephens and Pender were admittedly accomodation parties for Cook. The note was not paid at maturity by Cook, and a new note was given directly to the bank by Pender, as maker; at the same time, Stephens, the maker of the first note, and Cook jointly gave to Pender a note in like amount. Pender was required to pay the second note because of Cook’s bankruptcy, and sued Stephens and Cook on the third note. Stephens interposed the defense that there was…