Maximilian Fleischmann, Respondents v. Emil Stern, Appellant

Summary

The New York Court of Appeals affirmed the General Term's order granting a new trial and dismissed the appeal challenging the denial of a reargument. It held that a defendant's failure to deny material allegations in the answer creates a formal admission under the Code, and that the defendant is estopped from denying his representation that the note was given for value, requiring a jury inquiry into that representation.