Trust Co. of Orange v. Garfinkel

This is an appeal from a decree of the court of chancery.

The facts established at the hearing are that on May 20th, 1927, Samuel Garfinkel, one of the defendants-appellants, obtained a loan of $5,000 from the complainant-respondent, on the faith of a written statement in which he represented that he was the owner of ten shares of stock of the 105-107 Market Street Corporation, of the value of $37,500, and was the leaseholder of premises of the value of $20,000, and that with cash in bank, less $1,000 owed, he was worth about $56,950 net.

The note given for the loan was reduced by payments made…