Walmor, Inc. v. Levay

But one objection to the counterclaim and defense need be considered, namely, whether they were interposed within the time limited by law. Our conclusion is that their interposition was not timely.

The plaintiff sues upon two promissory notes made by the defendant to the order of “ myself ” and discounted by him with the American Union Bank. The bank was closed by the Superintendent of Banks and the notes were assigned by him as liquidator to the Manufacturers Trust Company which, prior to the commencement of this action, sold them to the plaintiff.

The counterclaim and defense are to the…