This civil revision petition is filed as against the judgment and decree of the District Munsif of Tirupati in S.C.S. No.741 of 1950 dismissing the plaintiff’s suit on the ground that he had no right to sue on the promissory note, Exhibit A-6. The case of the plaintiff was that the first defendant and defendants 3 and 4 as sureties executed the suit promissory note on 17th August, 1949, for Rs.450 in favour of the Tamil Nad Commercial Fund, Ltd., Kumbakonam, with its branch at Tirupati, and that as all the assets and liabilities of the Tamil Nad Commercial Fund, Ltd., were transferred to the second defendant, the Tirupati Commercial Fund, Ltd., the second defendant become entitled to the amount due under the promissory note, and that as the second defendant transferred the promissory note to the plaintiff, he was entitled to sue and recover the amount from defendants 1, 3 and 4.

While the third defendant remained ex parte, defendants 1, 2 and 4 resisted the suit. The main contention of the first and the fourth defendants was that as the promissory note was not endorsed by the Tamil Nad Commercial Fund, Ltd., Kumbakonam, in favour of the Tirupati Commercial Fund, Ltd., i.e.