McManus v. Biddison

These are cross-motions for summary judgment brought by the respective parties to this litigation under rules 113 and 114 of the Rules of Civil Practice. In 1927 the defendant appears to have been extremely anxious to become a member of the New York Stock Exchange, but did not possess sufficient capital to realize bis ambition. Plaintiff’s assignor advanced the sum of $274,010 to the defendant for the purpose of purchasing the latter’s membership in the exchange. Of the amount advanced all but $88,910.20 has been repaid, together with interest up to June 30, 1933. The defendant has pleaded a…