New Trial Granted Chicago Bank:
In Action in Us S. Court: A
Contemporaneoys Agreement In the United States Court for China on Monday a long and teresting argument by counsel for the plaintiff in the case of Citizens Trust & Savings Bank of Chicago. against Mr. Lansing W. Hoyt, of Shanghai, resulted in the granting of a new trial on the Bank's motion. Judgment was originally rendered in favour " of Mr. Hoyt on January 5. Mr. W. Chaluire, of Messrs. Chalaire' Franklin, represented the Bank and Mr. Schuhl, of Messrs. Schuhl Schoenfeld, copresented Mr. Hoyt.
The defence to the original action, which was based upon a demand Promissory note signed by Mr. Hoyt, was that a contemporaneous agreement had been entered "into between the parties whereby it was understood that the note.in question was to be of no effect in the event that Mr, Hoyt performed the terms the agreement. The Bank Claimed that Mr, Hoyt had defaulted fin the payment of a sum due under the agreement on January 1,!1925, thereby bringing the demand pro-misery note into force. The! basis of the motion for a new trial filed by Mr. Chalaire was that the court had erred in deciding that time was rot of the essence of the egretment tp in defence, and, farther, that the court. should' not have decided that the Bank was estopped from setting up Mr. Hoyt's defoul. Although Judge Purdy. maintained hhis opinion as to the law applied con the first paint, he granted a new trial on the second point mentioned. No date has been set for the retrial of the action, ut it is not expected to occur before the middle of April.
Text read from the printed page and cleaned; old type leaves the occasional error.