Federal Deposit Insurance Corp. v. Miller

The opinion of the court was delivered by

Heher, J.

Plaintiff sued upon a promissory note in the principal sum of $1,000, made by defendant and one John H. Carroll to Victory Trust Company, of Camden, under date of November 3d, 1930. It was alleged that the payee transferred the note by delivery to West Jersey Trust Company, and that the latter transferred it by endorsement to plaintiff. The answer admitted the execution of the note, but pleaded payment. It was averred that defendant was an accommodation maker for Carroll, to the payee’s knowledge; that Carroll later posted 98 shares of the…