Central Trust Co. v. Simmons Motor Corp.

On October 16, 1958 the defendant corporation borrowed the sum of $50,000 from the.plaintiff bank on a note secured by a guarantee contract executed by the defendant’s president.

The note was renewed, without reduction in the principal amount, at three-month intervals during 1959. On January 5, *827I960, at the request of the plaintiff, the defendant and its president executed and delivered to the plaintiff a mortgage upon certain real estate, acknowledging in the instrument indebtedness to the plaintiff in the sum of $45,000 but conditioning the mortgage as “ continuing and collateral security ”…