Town Bank & Trust Co. v. Silverman

This is a creditor’s bill to reach and apply assets of Silverman in satisfaction of his debts to the plaintiff (bank) on a promissory note for $20,000, payable on demand, and on a written contract signed by Silverman in which he agreed to indemnify the bank for, and guarantee to it, payment of all obligations due it in accordance with its letter of credit for $20,000 issued to United States Steel Corporation in favor of Interstate, Inc. (Interstate), of which Silverman was the principal stockholder; The bill alleged that the note remained unpaid after demand on Silverman and that the bank,…