Seattle National Co. v. Gilmore

Plaintiff sued defendant upon a promissory note, asking for judgment thereon, together with the foreclosure of mortgages and pledges of real and personal property which had been given by defendant as collateral security to the note. This note had been executed by defendant in favor of Seattle National Bank, the payee having, prior to the institution of this action, transferred all of its assets to the plaintiff herein, plaintiff conceding that it is not a holder of the note in due course, and that defenses good against the original payee may be urged as against plaintiff.

Defendant answered,…