Piercy

Plaintiff-appellant, on an assigned promissory note for collection from one Daniel Jay, brought this action on the note signed by defendants-respondents Roeco De Fillipes (hereinafter referred to as Roeco) and Joe De Fillipes for $3,500. It was dated February 4, 1957, and was payable $75 per month, plus 6 per cent interest beginning March 4, 1957. The note provided that if interest was not paid when due the whole sum would become immediately due and payable. Defendants defaulted in the payments due after reducing the principal balance to $3,326.54 as of May 1, 1957. Demand for payment was refused and this action followed. The due execution of the note was duly admitted, as well as the payments thereon and that it was duly assigned to plaintiff. The note was admitted in evidence.

By answer, the only defense pleaded was that in May 1957: “. . . there was a bona fide dispute between the plaintiff and defendants in reference to the amount of money owed by defendants to plaintiff under the alleged promissory note . . . that . . . plaintiff and defendants had an accounting and orally mutually agreed and pursuant to said oral agreement did then and there rescind and cancel said…