Scherr v. Taylor International Corp.

Motion for summary judgment. Plaintiff, claiming to be a holder in due course, seeks recovery on a promissory note made by defendant to the Atlantic Funding Corp., as payee thereof. Prior to maturity Atlantic indorsed and delivered the note to plaintiff as payment on account of an indebtedness owed to it by the former. Defendant acknowledges the execution of the note and concedes its liability for the amount thereof. By way of defense and counterclaim defendant alleges that it is prohibited from paying the note by virtue of a writ of garnishment (attachment) obtained by one A. Herbert Mathes,…