Watson v. Matranga

GAUDIN, Judge.

This is an appeal by Joseph J. Matranga Jr. from a judgment of the 24th Judicial District Court which rescinded a sale of stock by appellant to Steel, Inc. and which voided the related promissory note signed on September 18, 1981 by a corporate executive and by appellee Jack C. Watson personally.

The trial judge found (1) that Matranga was not a holder in due course and (2) that there was no consideration for the note. We affirm.

Watson instituted the district court litigation, alleging that the stock sold by Ma-tranga was worthless. Matranga had owned five per cent of Steel, Inc.…