Coolidge & McClaine v. Saltmarsh

— The plaintiff, Coolidge & McClaine, a corporation, as holder of a promissory note and mortgage executed by Robert S. Saltmarsh and Margaret Saltmarsh, brought an action against them to foreclose the same, making a party defendant also William McCowat, who held a subsequent mortgage covering the same land. The court rendered decree foreclosing the Coolidge & McClaine mortgage. On issues raised between the Saltmarshes and Mc-Cowat on the latter’s note and mortgage, which he held by transfer from the original payee, the court held that the note was a nonnegotiable one and therefore subject, in…