New Howard Mfg. Co. v. Cohen

Smith, J.:

The action was brought upon a promissory note for $100. Plaintiff is assignee of defendant Cohen. This note was given upon an indebtedness of two of the defendants, Petillo and Catalano, to the assignor, which indebtedness was owing prior to February 25, 1921. On or about the 25th day of February, 1921, the assignor in form agreed with the defendants Petillo and Catalano, alleged bankrupts in a proceeding then pending, and with divers other creditors of those defendants, that he would accept twenty-*589five per cent of the amount of the indebtedness from the two defendants in full…