Peoples Bank & Trust Co. v. L. Romano Engineering Corp.

HOLCOMB, STEINERT, and GERAGHTY, JJ., dissent. This is an action on a promissory note executed by defendant L. Romano Engineering Corporation (which will hereinafter be referred to as Romano), and delivered to defendant Ryan (operating as Diesel Equipment Company) as a part of the purchase price of a Diesel engine, sold by the latter to the former. The purchase price of the engine was $2,250. The amount of the note was $1,500. Before maturity, Ryan endorsed and transferred the note to plaintiff for a valuable consideration.

Romano set up two affirmative defenses: (a) That the note was procured…