Rockford National Bank v. Young Men's Christian Ass'n Gymnasium Co.

Mr. Presiding Justice Dibell

delivered the opinion of the court.

We are of opinion that even upon the theory of defendants in error the decree is wrong. We understand the evidence to show Parmele was the owner of $400 of the principal secured by said collaterals and the unpaid interest thereon. He was also one of the guarantors upon all the principal notes of the Gymnasium Company, aggregating $4,000. He and his firm therefore did not hold said twenty collateral notes solely in trust for others, bqt partly for the benefit of Parmele himself. His $400 note against the Gymnasium Company was past…