Seymour Trust Co. v. Hershowitz

The plaintiff in this action is seeking to recover as indorsee for value of a note made by the defendant to the Holt Trading Company. The answer admitted that the defendant signed the note, but denied the other allegations of the complaint; and it then set up in an involved manner certain special defenses, the gist of which was that the note, though payable to the Holt Trading Company, was the same in effect as though made payable to one Jerome, who was its president and treasurer and who had sole management of it; that it was executed entirely for the accommodation of Jerome, and was without…