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FIRST NATIONAL BANK OF MARLTON v. G.R. WOOD, INC.

89 N.J. Super. 577 (1965)

215 A.2d 784

THE FIRST NATIONAL BANK OF MARLTON, A BANKING INSTITUTION DULY ORGANIZED UNDER THE LAWS OF THE UNITED STATES, PLAINTIFF, v. G.R. WOOD, INC., A CORPORATION OF THE STATE OF NEW JERSEY; JAMES KNIGHT; MICHAEL N. KOUVATAS; JOSEPH FORTE, JR.; JOSEPH MATTHEWS; AND DOUGLAS HASBROUCK, JOINTLY, SEVERALLY AND IN THE ALTERNATIVE, DEFENDANTS.

Superior Court of New Jersey, Law Division.

Decided December 6, 1965.

Attorney(s) appearing for the Case

Messrs. Powell & Davis (Mr. James M. Davis, Jr., appearing), attorneys for plaintiff.

Mr. Michael N. Kouvatas (Mr. Louis B. LeDuc, appearing), attorney for defendants Michael N. Kouvatas and James Knight.

Messrs. Starr, Summerill & Davis (Mr. William C. Davis, appearing), for defendant Joseph Matthews.

Mr. Joseph Wm. Cowgill, attorney for defendant Joseph Forte, Jr.

WOOD, A.C., J.C.C.

This is an action on a promissory note. On May 10, 1960, the defendant, G.R. Wood, Inc., then the operator of a scheduled bus line and of charter buses, made and executed to the plaintiff bank a note for $4000. The note was given for a loan to finance the purchase of a bus by G.R. Wood, Inc. As collateral security for the loan, G.R. Wood, Inc. gave to plaintiff a chattel mortgage on the bus, bearing even date with the note, which was recorded in...

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