
    William M. Jones, Respondent, v. John Schreyer, impleaded, etc., Appellant.
    (Argued May 24, 1872;
    decided May 28, 1872.)
    Action against defendant as indorser of a promissory note. The note was for $1,500; was indorsed for a special purpose ; but was diverted by the payee, but pledged as collateral security for the payment of an antecedent debt. JSefd, that plaintiff was not a Iona fide holder, and if he were could only collect the amount due him.
    
      
      Rufus B. Oowvng for appellant.
    
      William Henry Arnoux for respondent.
   Peckham, J.,

reads for reversal and new trial.

'All concur.

Judgment reversed and new trial ordered, costs to abide event.  