New Jersey Title Guarantee & Trust Co. v. McGrath

In July, 1923, defendant purchased from the Lynch Construction Company, in the city of Detroit, some of its stock, agreeing to' pay therefor $5,000. He paid cash $500, and gave his promissory note for $4,500. In September he made a payment of $1,000, giving a new note for $3,500. In December he made still another payment of $1,000, and gave his note for $2,500. This $2,500 note, as well as the preceding one, was discounted at plaintiff bank in New Jersey. The final note not being paid when due, this suit was begun to enforce its collection. Defendant pleaded the general issue and gave notice,…