Salemy v. Diab

The opinion of the court was delivered by

BRODY, J.A.D.

The trial judge held that plaintiff is a holder in due course of a $75,000 note payable August 10, 1989. Defendants Diab and Golden, makers of the note, had made the note payable to third-party defendant Anderson who assigned it to plaintiff on May 25, 1989, to satisfy Anderson’s $70,000 antecedent debt to plaintiff and plaintiff’s wife.1 In return for the note, plaintiff’s attorney sent to Anderson’s attorney a written release2 of *276Anderson’s debt with a covering letter containing the following instruction: “Please hold [the release] in…