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GENERAL MOTORS ACCEPTANCE CORPORATION v. HIGGINS

No. 202, Docket 20502.

161 F.2d 593 (1947)

GENERAL MOTORS ACCEPTANCE CORPORATION v. HIGGINS.

Circuit Court of Appeals, Second Circuit.

May 14, 1947.

Attorney(s) appearing for the Case

John Thomas Smith, of New York City (Anthony J. Russo, of New York City, of counsel), for plaintiff-appellee.

John F. X. McGohey, of New York City, U. S. Atty (Nathan Skolnik, of New York City, of counsel), for defendant-appellant.

Before SWAN, CHASE and FRANK, Circuit Judges.

CHASE, Circuit Judge.

The plaintiff in 1935 borrowed $25,000,000 from eight corporations and delivered to them eighty-four unsecured instruments ranging in face amounts from $100,000 to $1,000,000. In some of these instruments it promised to pay the amount stated therein to the named holder, and in the others to bearer. Interest was payable on all of them at designated places at intervals of six months at 3¼ per cent, and the principal was payable on various...

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