Case Name: Abraham Schwartzman, Appellant, v. Joshua L. Post, Respondent, Impleaded with Harris Postawalsky
Court: New York Supreme Court, Appellate Division
Jurisdiction: New York
Decision Date: 1904-05
Citations: 94 A.D. 474
Docket Number: 
Parties: Abraham Schwartzman, Appellant, v. Joshua L. Post, Respondent, Impleaded with Harris Postawalsky.
Judges: 
Reporter: Appellate Division Reports
Volume: 94
Pages: 474–477

Head Matter:
Abraham Schwartzman, Appellant, v. Joshua L. Post, Respondent, Impleaded with Harris Postawalsky.
Promissory note — surrender thereof by the holder to the maker on payment of less than its face value and, a promise to pay the balance— the holder cannot maintain an action on the note to recover the balance.
Where the holder of a promissory note for $5,000 surrenders such note to the maker upon the payment by the latter of the sum of $3,250 and his promise to pay the balance of the indebtedness, the holder is precluded, by subdivision 5 of section 200 of ’ the Negotiable Instruments Law (Laws of 1897, chap. 612), from subsequently maintaining an action against the maker upon the note to recover the balance thereof.
Laughlin, J., dissented.
Appeal by the plaintiff, Abraham Schwartzman, from an order of the Appellate Term of the Supreme Court, entered in the office of the clerk of the county of New York on the 16th day of November, 1903, which-order reversed a judgment of the City Court of. the city of New York in favor of the plaintiff, entered in the office of the clerk of said court on the 15th day of February, 1903, upon the verdict of a jury, and also (as stated in the notice of appeal) from a judgment of reversal entered in the office of the clerk of the city of New York on the 13th day of January, 1904, upon said' order of the Appellate Term.
Alexander Rosenthal, for the appellant.
B. lewinson, for the respondent.
This case was decided in April, 1904.

Opinion:
Determination, of Appellate Term affirmed, with costs, on the opinion of the court below, and judgment, absolute ordered for defendant, with costs.
Present — Van Brunt, P. J., Patterson, Ingraham, McLaughlin and Laughlin, JJ.