American National Bank and Trust Co. v. Kushner

"On July 2, 1932, American National Bank and Trust Company conveyed to John A. Hawkins, Jr., the real estate in the city of Danville known as Edmunds Hospital. The purchase price of this property was $15,000, whereof $1,000 was paid in cash, and whereof $14,000 was evidenced by a note secured by a deed of trust from John A. Hawkins, Jr., and wife, to John W. Carter, Jr., trustee, bearing date of July 2, 1932. This note for $14,000 was dated July 2, 1932, executed by John A. Hawkins, Jr., and Danville General Hospital, Incorporated, as joint makers, and was payable to the American National Bank and Trust Company six months after its date, with six per cent interest thereon payable semi-annually. The bank did not and would not consummate the sale of this property to John A. Hawkins, Jr., until the Danville General Hospital, Incorporated, agreed to and did sign, as joint maker, the $14,000 note evidencing the deferred installment of the purchase price. Carmen M. Hawkins, the wife of John A. Hawkins, Jr., and the president of the Danville General Hospital, Incorporated, acting pursuant to resolutions of the incorporators and members of the Danville General Hospital, Incorporated, a copy of which is attached to this petition, executed, in the name of the corporation as joint maker, the $14,000 note above mentioned. The note contained, on its face, the following provisions: