Saint Joseph Valley Bank v. Napoleon Motors Co.

Defendant Napoleon Motors Company, a corporation, manufactured trucks at Traverse City. Frank Trude was its vice-president, and W. G. Rath its secretary and treasurer. In selling trucks it received notes secured by chattel mortgages. It entered into a contract with plaintiff bank, of Elkhart, Indiana, by which plaintiff agreed to and did purchase such paper. ’ The contract provided that if any of the paper was .not paid at maturity defendant corporation (therein called the seller) was to pay the same within 10 days. The agreement was prepared by plaintiff, and after signing was sent to…