City of New York Municipal Court June 25, 1888 (Howlett v. Fitzgibbon)

McAdam, C. J.

The defendants’ acceptance having been diverted from the purpose for which it was given, they are not liable on it unless the transaction between Rogers, on the one hand, and Steves & Hasbrook, on the other, made the latter bona fide holders of it for value, so as to shut out the equities between the original parties. The exchange of Steves & Hasbrook’s note of $451.