New York, New Haven & Hartford Railroad v. Preferred Underwriters, Inc.

This is an action of contract in three counts upon a promissory note for $12,500, dated May 15, 1922, payable to the plaintiff with interest in fifteen days from its date. The first count is against all the defendants, the second against the Preferred Underwriters, Inc., (hereafter called the Underwriters) as maker, and the third against the indorsers, of whom the defendant Charles S. Averill was one. The defendant Averill alone appeared to defend the action, and set up in answer a general denial and also the terms of an agreement, dated March 13, 1922, of which he was to have the benefit and…