Farmers & Merchants National Bank v. Boardwalk National Bank

The opinion of the court was delivered by

Kolovsky, J. A. D.

Plaintiff (Farmers), claiming to be a holder in due course of seven drafts dated January 12, 1966 drawn by Beeves Motors, Inc. (Beeves) to its own order on defendant Hammonton Investment & Mortgage Co. (Himco) and “payable through Boardwalk National Bank, Atlantic City, New Jersey” (Boardwalk), recovered a judgment for §10,250, the amount of the drafts, plus interest, against Himco and Boardwalk. The order for judgment further provided that Boardwalk, which had filed a cross-claim against Himco, should “be entitled to judgment against…