New Jersey Title Guarantee & Trust Co. v. McGrath

I cannot agree with Mr. Justice FELLOWS in his view that the law of this case was settled by the opinion of Mr. Justice SHARPE in 239 Mich. 404, and that plaintiff was not a holder in due course of the note at bar.

The issue in the former case, in connection with which the language quoted by Mr. Justice FELLOWS was used, was whether plaintiff had shown by competent testimony that the seller had exhausted its credit account with plaintiff before the note there and here at bar, the last renewal note, had become due. The question of the effect of failure to exhaust such credit before maturity of…