Broad & Lackawanna Realty Co. v. Breitung

The defendants, in October, 1921, signed three notes, aggregating $27,000, to their own order payable six months thereafter. They handed these notes to a note broker who sold them for the sum of $6,850 to four persons who immediately thereafter formed the plaintiff corporation and transferred the notes to that corporation, receiving therefor stock of the par value of $27,000.

In the present action which has been brought upon one of these notes for the sum of $10,000, the defendants pleaded that the notes were never delivered and at the trial produced evidence to show that these notes were…