Industrial Sav. Bank v. Greenwald

KNIGHT, Justice.

Suit by indorsee against Max Greenwald, one of the makers of the promissory note sued on. The complaint consists of a single count. In the complaint it is averred that the note sued on, by due indorsement thereon, ‘‘is held by the plaintiff as a holder in due course thereof.” Thus the plaintiff in the first instance has taken upon himself the burden of proving that he acquired the note in due course of business, for value and before maturity.

Having invoked the protection of the law merchant by his initial pleading, and not by replication, any plea interposed by the defendant,…