Automobile SEC. Corporation v. Nemo

This is a suit on a promissory note against the defendants, in solido, to recover an alleged balance of. $152.81, with interest at the rate of 3½ per cent, per month from August 31, 1931, until paid. ■ The defendants admit the signing of the note and that the plaintiff is the holder and owner of the note before maturity, but interpose two. defenses: First, that the note was issued without a valuable-consideration; and, second, that the plain-' tiff violated sections 13, 14, and 18 of Act No. 7 of the Extra Session of the Legislature of the -year 1928, known as the Small Loan Act, by…