Miko v. Feldman
Miko v. Feldman
Opinion of the Court
The opinion of the court was delivered by
This appeal brings up for review a judgment of the District Court of the First Judicial District of the county of Hudson. It is based on a verdict of the trial judge, sitting without a jury, in favor of the plaintiff and against the defendant below, in the sum of $459.40 and $27.17 costs.
Plaintiff sued the defendant, Feldman, on a note originally in the sum of $1,500 and reduced by successive renewals to $459.40. It was signed by the defendant and made payable to the order of Nathan Hiller and was discounted by the latter at the Weehawken Trust Company. The proceeds of this note, and that of another note discounted by the defendant, but not here involved, were used to assist the bankrupt brother-in-law of Hiller and Feldman.
It is practically conceded, in paragraphs 2 and 10 of defendant’s specification of defenses, and the proofs disclose, that plaintiff holds the note by assignment from the Weehawken Trust Company; that the assignment was executed ■after maturity and dishonor of the note; and that plaintiff instituted this suit for and in behalf of Nathan Hiller.
The meritorious question in this case is whether Feldman or Hiller is primarily obligated to pay the note. If Feldman, as he claimed, signed the note, as an accommodation maker for Hiller, and the latter lent his credit to the bankrupt brother-in-law of both, then, of course, Feldman is not liable to either Hiller or his agent, Miko, the plaintiff here. Nego
It is urged that Hiller is not a holder for value. This is without merit. “Value is any consideration sufficient to support a simple contract.” Section 25, Negotiable Instruments law, supra. “It may be given to the promissor or to some other person, or by the promissee to some other person. It matters not from whom the consideration moves, or to whom it goes. If it is bargained for as the exchange for the promise, the promise is not gratuitous.” The Coast National Bank v. Bloom, 113 N. J. L. 597; 174 Atl. Rep. 576; Williston on Contracts 193, 197, 235; see, also, Schmid v. Haines, 115 N. J. L. 271; 178 Atl. Rep. 801. There is ample proof here to support the finding that Hiller was a holder of the note for value.
The real parties to this suit, as stated, are related. The testimony is long, involved and sharply controverted. It is a type of case in which the judge, as a trier of fact, could well have found, under the proofs, for either party.
According to Hiller it was only on the strength of Feldman's signature that he became a party to the transaction. He stated that Feldman had given his assurance that there was nothing for him to worry about; he would take care of the notes. This testimony, notwithstanding direct contradiction by the defendant and his witnesses, amply warrants the finding of the trial judge, the trier of the fact, in favor of the plaintiff and against the defendant. Hnder the circumstances motions to nonsuit and to direct a verdict in his favor were properly denied. It is well settled that, under such circumstances, we do not weigh the evidence; a finding of fact based on legal evidence will be sustained, unless other legal error appears. Breithart v. Lurich, 98 N. J. L. 556; 120 Atl. Rep. 11; Hottinger v. Johns, 112 N. J. L. 177; 170 Atl. Rep. 36.
Defendant further contends that the court improperly admitted the assignment from the Weehawken Trust Company to plaintiff, Miko. The basis of that contention is that it was necessary for the plaintiff to introduce proof of the
And if there was merit, in the first instance, to the objection on the part of the court in refusing testimony as to the true consideration for the note (Allied Tar and Chemical Corp. v. Joffe, 110 N. J. L. 129; 164 Atl. Rep. 446), or to any other testimony within the scope of the issues, it was cured time and time again; the parties and their witnesses fully told and retold their respective versions of the transaction. Ho substantial rights of the defendant were injuriously affected.
There is no merit to any of the other points argued.
Judgment is affirmed, with costs.
Reference
- Full Case Name
- STEPHEN A. MIKO, Jr. v. MAX FELDMAN
- Cited By
- 3 cases
- Status
- Published