Kaercher v. Citizens' Nat. Bank of Ortonville

REEVES, District Judge.

This is an action for damages arising from an alleged breach of contract. The appellants were plaintiffs and the appellees defendants in the trial court.

Prior to the receivership of the defendant bank, to wit, on September 10, 1924, the plaintiffs entered into an agreement with said bank, by the terms whereof they became accommodation makers of certain notes deposited and held by said bank. Such agreement contained, among others, the following provision: “It is further agreed, by the party of the first part that said accommodation notes are not to be transferred or sold…