Meadow Brook National Bank v. Seaboard Diecasting Corp.

William R. Brennan, Jr., J.

On June 19,1963, the defendant Seaboard Diecasting Corp. made its promissory note for $1,040.64 to the order of Toroy Die Casting Corp., due July 22, 1963. The note was executed in behalf of the defendant by Larry Shifman, president of the maker, who also indorsed the note in blank prior to its delivery. Eight days later the note was negotiated by the payee to the plaintiff Meadow Brook National Bank which credited the discounted proceeds to the account of Toroy. Toroy made an assignment for the benefit of creditors on July 16, 1963, and when the plaintiff presented…