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DAHMES v. INDUSTRIAL CREDIT CO.

No. 37,879.

261 Minn. 26 (1961)

110 N.W. (2d) 484

MELBOURNE DAHMES AND ANOTHER v. INDUSTRIAL CREDIT COMPANY.

Supreme Court of Minnesota.

September 8, 1961.

Attorney(s) appearing for the Case

Jerome B. Simon and Bundlie, Kelley & Torrison, for appellant.

Brill & Brill, for respondents.

Dorsey, Owen, Barber, Marquart & Windhorst, for First National Bank of Minneapolis; Faegre & Benson, for Northwestern National Bank of Minneapolis; Doherty, Rumble & Butler, for Northwestern National Bank of St. Paul; Robert I. Lang, for Minnesota Bankers Association; Clarence O. Holten and James S. Eriksson, for James Talcott, Inc., Minneapolis Securities Corporation, The Republic Acceptance Corporation, and the National Commercial Finance Conference, Inc., amici curiae.

UPON REARGUMENT.

DELL, CHIEF JUSTICE.

This is an action to have two promissory notes executed by the plaintiffs and two real estate mortgages securing said notes adjudged null and void. Defendant filed a counterclaim to recover under an alleged guaranty.

In March 1955 the plaintiffs organized a corporation known as Northwest Recapping, Inc., for the purpose of engaging in the business of recapping automobile and truck tires. On March 25, 1955, the...

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