Manufacturers' Bank of Edgewater v. Page-Madden Co.

Motion by the plaintiff for summary judgment in (1) an action on a promissory note, and (2) an action to foreclose a chattel mortgage.

The Manufacturers’ Bank of Edgewater, New Jersey, (hereinafter called the bank) received a promissory note on January 16, 1958. The defendant was the maker and the bank was the payee. The note provided for payment of $11,000 on February 16, 1958. It was not paid on its due date. When the Commissioner of Banking and Insurance took over the plaintiff bank on July 17, 1958, the sum of $98.40 — a deposit account offset was credited to the defendant leaving an…