SPARKS, Circuit Judge (after stating the facts as above).
Two questions are involved in this appeal: Were the bonds negotiable instruments, and were the banks holders in due course? A negative answer to either question would prevent the banks' recovery and sustain the decision of the District Court.
In August, 1929, Kalt-Zimmers, a manufacturing concern located in Milwaukee, executed and delivered to the Hackett firm, a Wisconsin corporation, as trustee, a...
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