Defendants guaranteed payment to a state bank of the notes and renewals made by a borrower. Shortly thereafter the state bank was consolidated with a national banking association. The borrower issued a renewal note to the consolidated bank for the indebtedness owing the state bank. This was followed by a consolidation with another state bank, the appointment of a receiver, and the sale of the consolidated bank's assets to plaintiff. In answer to the claim on the guaranty for payment of the renewal note, defendants declared that the obligation was not assignable and that the identity of the obligee was dissolved by the first consolidation. Held, that the corporate existence of the state bank never terminated, but continued in the resulting banking association. Guardian Depositors Corp. v. Currie, 292 Mich. 549, 291 N. W. 2 (1940).
William C. Whitehead,
BANKS AND BANKING - RIGHT OF NATIONAL BANK TO SUE ON PERSONAL GUARANTY TO STATE BANK AFTER CONSOLIDATION l OF STATE BANK WITH NATIONAL BANK,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol39/iss5/10