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O.P. Ganjo Inc. v. Tri-Urban Realty Co.

Decided: December 23, 1969.

O.P. GANJO, INC., A NEW JERSEY CORPORATION, PLAINTIFF,
v.
TRI-URBAN REALTY CO., INC., A CORPORATION, AND GEORGE MOSKOWITZ, DEFENDANTS



Ackerman, Harold A., J.d.c. (temporarily assigned).

Harold

This is an action on a promissory note. The ultimate issue is whether plaintiff is a holder in due course.

On May 6, 1968 one John Ferrante, a plasterer, was employed as a subcontractor by the corporate defendant herein, Tri-Urban Realty Co., Inc. (Tri-Urban). On that day George Moskowitz, the individual defendant and president of the corporate defendant, executed a promissory note as follows:

$3000 OO / XX

May 6, 1968

One Month after date I promise to pay to

The order of JOHN FERRANTE

THREE THOUSAND no / XX DOLLARS Payable at NATIONAL NEWARK & ESSEX BANK, MAIN OFFICE

Value received w/int.

TRI-URBAN REALTY CO. INC. GEORGE MOSKOWITZ

Due 6/6/68

No. 51-5-3453-5

The circumstances surrounding the giving of the note are distinctly familiar to anyone who has had the opportunity of hearing disputes between contractors and subcontractors. Moskowitz was quite concerned over the slow progress of Ferrante's work in completing the plastering work. Ferrante pleaded that he needed money in order to pay his workmen so that the job could be completed. It is undisputed that Ferrante suggested to Moskowitz that the giving of the above note would be a convenient way to facilitate the objective of getting the job done, it being Ferrante's stated intention to discount the note elsewhere. Several days ...


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