Litcher v. North City Trust Co.

Opinion by

Keller, J.,

For the purpose of this appeal we must assume that the plaintiff is not a holder in due course of the negotiable certificate of deposit in suit, (Gordon v. Fifth Ave. Bank, 308 Pa. 323, 162 Atl. 825), for the reason that it was not endorsed and delivered to him until after it was due. (Negotiable Instruments Act of 1901, May 16,1901, P. L. 194, Sec. 52 (2)). The question to be determined is whether the defendant, the bank which issued the certificate, can set off against such holder; a valid defense which it may have against the payee, not arising, however, from the…