Smith v. Hedges

This action is brought upon two notes given as a part consideration by the defendant for construction and erection of an asphalt plant and machinery. The plaintiff as an assignee of the notes took then subject to all the equities, so that any defense or counterclaim good as against the assignor, the Pioneer Iron Works, would be good against him, at least to the amount of the notes. Siebert v. Dunn, 70 Misc. Rep. 422; Zabriskie v. Central Vermont R. R. Co., 131 N. Y. 72; Phillips v. Taylor, 49 N. Y. Super. Ct. 318. The machinery was constructed under written contract by the plaintiff’s…