The plaintiff's assignor, the Aetna Smelting and Refining Works, Inc., advanced the sum of $2,500 to the defendant ($1,500 on one occasion and $1,000 on another), upon the understanding that the defendant would deliver merchandise to it in the amount of the loans or would repay the loans. The defendant gave Aetna its checks in the amount of the loans, to be held as so-called "security". Subsequently, the defendant delivered three loads of merchandise to Aetna but, at the...
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