First Investment Co. v. Andersen

MAUGHAN, Justice:

Plaintiff, the transferee of the payee of two promissory notes, initiated this action to recover the unpaid balance from the makers, the defendants. The trial court found the notes were not negotiable instruments; plaintiff was not a holder in due course; and there was a failure of consideration on the part of the payee. Defendants were awarded a judgment of no cause of action. Plaintiff appeals therefrom. The judgment of the trial court is affirmed; costs are awarded to defendants.

On September 6, 1965, defendants entered into a franchise agreement with Great Lakes Nursery…