Securities
William M. Jones, Respondent, v. John Schreyer, impleaded, etc., Appellant
49 N.Y. 674·New York Court of Appeals·1872·NY
'All concur.
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Opinion
William M. Jones, Respondent, v. John Schreyer, impleaded, etc., Appellant.
(Argued May 24, 1872;
decided May 28, 1872.)
Action against defendant as indorser of a promissory note. The note was for $1,500; was indorsed for a special purpose ; but was diverted by the payee, but pledged as collateral security for the payment of an antecedent debt. JSefd, that plaintiff was not a Iona fide holder, and if he were could only collect the amount due him.
Rufus B. Oowvng for appellant.
William Henry Arnoux for respondent.
[MAJORITY — Peckham, J.,]
Peckham, J.,
reads for reversal and new trial.
'All concur.
Judgment reversed and new trial ordered, costs to abide event.