Franklin Nat. Bank v. Freile

The Morsemere Realty Company became a borrower on its promissory note for $7,000 from Franklin National Bank, July 23d 1926, and continuously thereafter was a debtor to the bank, borrowing further sums from time to time, until on August 1st, 1932, it owed the bank $55,000. James H. Freile was president of the Realty Company and of the bank and was an endorser on the Realty Company's notes. On the last named date the Realty Company gave its two demand notes to the bank, both endorsed by Freile and others, one for $18,000 and the other for $37,000. On February 2d 1933, after demand on the maker…