Title: Cadle Company v. Patoine

State: vermont

Issuer: Vermont Supreme Court

Document:

Cadle Company v Patoine (2000-209); 172 Vt. 178; 772 A.2d 544

[Filed 13-Apr-2001]

  NOTICE:  This opinion is subject to motions for reargument under V.R.A.P.
  40 as well as formal  revision before publication in the Vermont Reports. 
  Readers are requested to notify the Reporter of  Decisions, Vermont Supreme
  Court, 109 State Street, Montpelier, Vermont 05609-0801 of any  errors in
  order that corrections may be made before this opinion goes to press.

                                 No. 00-209

Cadle Company	                                 Supreme Court

                                                 On Appeal from
     v.	                                         Caledonia Superior Court

Barbara Patoine	                                 March Term, 2000

Alan W. Cook, J.

Thomas R. Paul of Paul and Paul, St. Johnsbury, for Plaintiff-Appellee.

Robert A. Gensburg, St. Johnsbury, for Defendant-Appellant.

PRESENT:  Amestoy, C.J., Dooley, Morse, Johnson and Skoglund, JJ.

       AMESTOY, C.J.   Defendant Barbara Patoine, a co-signer on a defaulted
  promissory note  purchased by plaintiff Cadle Company from the Federal
  Deposit Insurance Corporation (FDIC),  appeals the superior court's summary
  judgment ruling refusing to apply any of her asserted defenses  against
  plaintiff.  We reverse.

       In August 1991, Wayne Kimball obtained a $40,000 construction loan
  from Caledonia  National Bank.  Defendant co-signed the loan as an
  accommodation maker and thus was equally  liable for its payment upon
  default.  See 9A V.S.A. § 3-419(b); Federal Fin. Co. v. Landers, 169 Vt. 
  570, 571,