Chem-Lac Products, Inc. v. Gerome

This is an action of contract to enforce a guaranty. The judge found for the defendant and a report to the Appellate Division was dismissed. The plaintiff appealed.

The defendant was the president and principal stockholder of the Abbott Processing Company, hereinafter called the corporation. On March 31, 1949, the corporation was indebted to the plaintiff in the sum of $835. On that day the' defendant executed and delivered to the plaintiff the guaranty declared on. By its terms the defendant guaranteed payment to the extent of $1,000 “of such sum or sums ... as may be due or may at any time .…