Johnson Hardware Co. v. Kempf

STONE, Justice.

Action by indorsee against indorser on a certificate .of deposit. Verdict for defendant, and plaintiff appeals from the order denying its alternative motion for judgment notwithstanding or a new trial.

April 11, 1931, plaintiff sold defendant a new automobile, taking in exchange an old machine and accepting on the balance of the purchase price the $500 time certificate of deposit in suit, issued by the State Bank of Hector, since closed and now in process of liquidation. Plaintiff claims as holder in due course and sues defendant upon his unconditional indorsement in blank of…