Federal Trust Co. v. Central Trust Co.

This action was tried before a judge of the Superior Court without a jury. He found for the defendant and reported the case to this court with the stipulation “that if my rulings are correct, judgment is to be entered for the defendant; otherwise, judgment is to be entered for the plaintiff in the sum of $3,000 and interest.”

*205The report discloses that the action is by a holder in due course of a promissory note against the estate of the indorser; that the American Ammonia Company, the maker, on May 10, 1921, gave to the plaintiff for consideration the note in question, dated May 5, 1921, for…