Cosmopolitan Trust Co. v. Lyons

This is an action of contract by the indorsee before maturity and holder for value of a negotiable promissory note against the makers. The note fell due on October 1,1920, and was payable to one Swartz, who indorsed it in blank. The genuineness of all signatures was admitted or proved. It was agreed that the commissioner of banks took possession of the plaintiff trust company on September 25, 1920, and had no authority on October 1, 1920, from any Justice of the Supreme Judicial Court *120authorizing the compromise of any claims against the trust company, and that his representative had the same…