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GENERAL INVESTMENT CORP. v. SCHULMAN

22 N.J. Super. 449 (1952)

92 A.2d 60

GENERAL INVESTMENT CORP., A CORPORATION OF NEW JERSEY, PLAINTIFF-APPELLANT, v. PAUL SCHULMAN AND CELIA SCHULMAN, DEFENDANTS-RESPONDENTS.

Superior Court of New Jersey, Appellate Division.

Decided October 31, 1952.

Attorney(s) appearing for the Case

Mr. Gerald W. Kolba argued the cause for plaintiff-appellant.

Mr. Isadore Waks argued the cause for defendants-respondents.

Before Judges JAYNE, PROCTOR and SCHETTINO.

The opinion of the court was delivered by PROCTOR, J.S.C.

The plaintiff sued upon a promissory note made by the defendants to the General Maintenance Corporation and transferred by the latter by endorsement of its vice-president to the plaintiff for value before maturity.

The defense was that plaintiff was not a holder in due course in that, prior to the transfer, it had notice of the failure of consideration for which the note was given and, further, that...

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