Gerseta Corporation v. Wessex-Campbell Silk Co.

(after stating the facts as above). Section 91 of the Negotiable Instruments Law (Consol. Laws N. Y. c. 38) declares that one is a holder of an instrument under certain enumerated conditions, of which one is “that he took it in good faith and for value.” Section 95 of the same statute declares that to constitute notice of a defect in the title of the person negotiating a bill or note, “the person to whom it is negotiated must have had actual notice of the infirmity or defect, or knowledge of such facts that his action in taking the instrument amounted to bad faith.”

This writ seems to us an…