Federal Reserve Bank v. Algar

AVIS, District Judge.

Plaintiff instituted suit against defendants on a certain promissory note,, dated December 12, 1932, made by Reba Cook Al-gar to the order of herself, and indorsed by the maker, her husband, Leonard D. Algar, and Algar Company. This was a renewal of a prior note on which a payment had been made. It was to secure the sum of $2,000, payable two months after date ; was discounted at the Atlantic City National Bank'of Atlantic City, N. J. (hereinafter called bank) on or about its date; and a day or two later was assigned to plaintiff by bank as a part of the collateral…