Manufacturers Trust Co. v. Cavell

The sole issue presented on plaintiff’s motion for summary judgment and defendant’s cross motion is with regard to defendant’s liability under the circumstances here existing for the 15% attorney’s fee provided in the guarantee signed by him.

A corporation made a note payable to plaintiff bank for repayment of a loan of $10,000 and interest. A guarantee thereof on the bank’s printed form was signed by the corporation’s president and this defendant; it provided for joint and several liability. Both the note and the guarantee contained a provision for adding an attorney’s fee of 15% of the…