Industrial Bank of Commerce v. Selling

This is a nonjury action based on. fraud and deceit wherein plaintiff bank alleges that false representations concerning the defendant’s financial condition were made by defendant to secure a loan.

Defendant had been continuously in debt to plaintiff or its predecessor bank for a period of about twenty-six years. There had been over thirty-five loans negotiated prior to the controversial one.

On August 2, 1949, the defendant was already in plaintiff’s debt upon an installment loan of $1,500. He then applied to the bank for another loan which in effect superseded the old and required lesser…