Pacific-Southwest Trust & Savings Bank v. Valley Finance Corp.

The plaintiff commenced an action to recover on a promissory note. The defendant answered by interposing certain denials, by alleging a guarantee and by alleging an affirmative defense to the effect that the plaintiff was not the holder in due course and that the note sued on was an accommodation note for which the defendant received no value, and by alleging a further defense that the note was ultra vires. The action was tried before the trial court sitting without a jury. The trial court made findings of fact in favor of the defendant and the plaintiff has appealed.

As the facts are not…