The American Exchange National Bank, Respondent v. the New York Belting and Packing Company, Appellant

Summary

The New York Court of Appeals affirmed the judgment directing a verdict for the plaintiff, holding that the plaintiff was a holder for value of the substituted note and had no notice of any diversion, thus entitled to recover on the promissory note. The court found that the evidence presented was sufficient to establish the plaintiff's good faith and lack of notice, and that the defendant's reliance on prior cases was misplaced.