Meserole Securities Co. v. Cosman

O’Malley, J. (dissenting).

The plaintiff, a domestic corporation organized under the Business Corporations Law, now the Stock Corporation Law, sues to recover upon two promissory notes made and delivered by a corporation, Bischoff, Inc., not here a party. The payee was the defendant Cosman, and he and his codefendants are sued as indorsers by the plaintiff, which contends that it is a holder in due course and for value. Each note was in the face amount of $4,400, but it is conceded that the plaintiff paid for each only the sum of $4,000.

All of the defendants interposed a defense to the effect…