Faber v. Siegel

The issues in this action were submitted to the court upon an agreed state of facts. The Astoria Mercantile Corporation, incorporated under the Business Corporations Law of the State of New York, made a loan of $1,000 to one David Siegel, a stockholder therein, which was secured by a demand promissory note, bearing the indorsement of three people, one of whom was Sam Jacavsky, a defendant herein. The corporation retained sixty dollars, the interest in advance on said loan, and David Siegel received the sum of $940 at the time of the execution and delivery of the note. The note was to be…