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Model Plan Finance Corp. v. Eagles

Decided: February 2, 1931.

THE MODEL PLAN FINANCE CORPORATION, A NEW JERSEY CORPORATION, APPELLANT,
v.
WARREN EAGLES, RESPONDENT



On plaintiff's appeal from the Supreme Court.

For the appellant, Corn & Silverman.

For the respondent, King & Vogt.

Parker

The opinion of the court was delivered by

PARKER, J. The controversy is founded on a lease to respondent by one Devoe of a motor truck, and the making by respondent to Devoe of certain promissory notes representing payments called for by the lease. These notes were assigned or otherwise transferred to the plaintiff, who admitted at the trial that any defense available against the payee was available against plaintiff. The latter also, apparently, acquired the lessor's rights in the lease. The suit was on the assigned notes, and on a book account of De Voe against Eagles also assigned to plaintiff.

The crux of the case is a paper purporting to be (a) a transfer by Eagles to one Vandenburg of all his rights in the truck, subject to repair bills and unpaid notes relating to the same; and (b) a release by De Voe to Eagles of "any further obligations on above-mentioned truck." This paper, omitting printed letterhead, which has no relevancy to the case, reads as follows:

"August 8th, 1921.

I, Warren Eagles, hereby agree to sell and transfer all rights, titles and interests which I may have in a one three and one-half ton Schacht truck, No. 1070, to Charles Vandenburg. It is understood that Charles Vandenburg is to pay all debts that is against this truck such as repair bills and balance of notes subject to the lease agreement. Charles Vandenburg agrees to pay all these above-mentioned items under the condition that when same are paid, this truck becomes his property and he is to have a free and clear bill of sale for said truck. It is hereby agreed by Charles Vandenburg that he is to pay $100 per week until the back debts on the truck have been paid up, at such time, he is only to turn in enough to meet the notes which are still against the truck.

It is further agreed by all parties concerned that these payments are to be paid to A. De Voe at his place of business.

It is further agreed by A. De Voe that he will release Warren Eagles of any further obligations on above-mentioned truck.

Witnesseth: A. ...


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