Belknap Hardware & Mfg. Co. v. Hearn

ROGERS, Justice.

This is a suit by the Belknap Hardware & Manufacturing Company on a promissory note for $5,000, made by the Ouachita Hardware & Furniture Company, Inc., to the order of plaintiff, due twelve months after date, and indorsed by the five defendants. Plaintiff alleges the bankruptcy of the maker of the note, and the suit is brought against the indorsers alone. Defendants answered admitting the execution of the note and indorsement, but alleging the note was delivered to plaintiff as a collateral obligation to obtain for the maker an additional line of credit in the sum of $5,000,…