Summary
In Adam Metal Supply the indorser officer actively entered into an agreement with its creditors, including the plaintiff, two days before the maturity of its note (as revealed by an examination of the record on appeal).
Summary of this case from Kay Mfg. Corp. v. ArkusOpinion
March 14, 1950.
Present — Peck, P.J., Dore, Cohn, Van Voorhis and Shientag, JJ.
Summary judgment should have been granted on the notes in suit against the indorser, the defendant Friedberg. The notes matured after that defendant, as president and on behalf of the corporate maker, executed the creditors' agreement. By such affirmative action on his, the indorser's part, he must be deemed in law to have waived presentment and notice of dishonor ( O'Bannon Co. v. Curran, 129 App. Div. 90; Mercer v. Hydrocarbon Converter Co., 205 App. Div. 78). Order unanimously reversed, with $20 costs and disbursements to the appellant, and the motion for summary judgment granted, and judgment is directed to be entered in favor of the plaintiff and against the defendant Leslie M. Friedberg, with costs.