Pellegrino v. First National Bank

The main question in this action is whether or not the defendant is a holder in due course of the promissory note involved in the suit. The note is claimed to have been received by it without any conditions and by the plaintiff to have been received upon the condition that it was to be paid, not in cash in accordance with its terms, but in the manner provided by the contract made between the plaintiff and the Pollock Lumber Company. The main issue is one of fact which should be found in plaintiff's favor. Two officers of the bank were stockholders of the Pollock Lumber Company and were…