Fairfield County Trust Co. v. Steinbrecher

The plaintiff, by a complaint dated February 21, 1966, commenced this action against the defendant as endorser on a promissory note in the face amount of $5245.44. The maker of the note was an automobile dealer known as Fairport Bámbler, Inc., hereinafter referred to as Fairport. The note was endorsed by Gerald Bean, then president of Fairport, and the defendant. Fairport had terminated its business operations in September, 1965, and was not made a party to this suit. The answer set up three special defenses: (1) failure of consideration; (2) material alteration of the note without authority;…