Valette v. Mason

Smith, J. —

This was an action of assumpsit brought by an assignee against the makers of a promissory note, governed by the law merchant. The defendants pleaded, inter alia, that the note was assigned to the plaintiff only as collateral security for certain moneys lent and advanced by him to the payees; that said payees had, on a certain day before the commencement of this suit, fully repaid the plaintiff the moneys so lent and advanced, and that the defendants on said day paid the payees without notice of the indorsement. To this plea there is a replication admitting that the note was…