National Bank of North Hudson v. Kennedy

The appeal is from an order staying the plaintiff, a foreign banking corporation, from proceeding with this action until it produces its assignors for an examination before trial. The assignors were two officers who had stolen funds from the plaintiff bank. In an effort to obtain restitution for its stockholders, the bank had obtained from these officers an assignment of their rights in an account which they had with the defendant stockbrokers. In aid of affirmative defenses, consisting of an account stated, payment and laches, the defendants obtained an order to examine before trial the…