Marine Nat. Exchange Bank of Milwaukee v. Kalt-Zimmers Mfg. Co.

(after stating the facts as above).

_ . Two questions are involved m this appeal: Were the bonds negotiable instara-meats, and were the banks holders m due course? A negative answer to either question would prevent the banks’ recovery and sustain the decision of the Distinct Court.

In August, 1929, Kalt-Zimmers, a rnanufacturing concern located in Milwaukee, ex-eeuted and delivered to the Haekett firm, a Wisconsin corporation, as trustee, a deed of trust conveying certain of its property as seeurity for a bond issue of $115,000. The bonds contained the following provision:

“Said bonds are issued…