Farmers' State Bank v. West
Oregon Supreme Court
From Columbia; Jambs U. Campbell, Judge. Statement by Mr. Justice Eakin. This is an action by the Farmers ’ State Bank, a corporation, against Burt West to recover upon a promissory note, of which the following’ is a copy: “$250.00. September 6, 1912. “January 1, 1913, after date, I, we, or either of us, promise to pay to the order of self at the-the sum of two hundred and fifty no/100 dollars, for value received, with interest at the rate of €Ígh¿-p§?-88&t Per annum until…
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From Columbia; Jambs U. Campbell, Judge. Statement by Mr. Justice Eakin. This is an action by the Farmers ’ State Bank, a corporation, against Burt West to recover upon a promissory note, of which the following’ is a copy: “$250.00. September 6, 1912. “January 1, 1913, after date, I, we, or either of us, promise to pay to the order of self at the-the sum of two hundred and fifty no/100 dollars, for value received, with interest at the rate of €Ígh¿-p§?-88&t Per annum until paid, together with reasonable attorney’s fees in case payment is not made at maturity. The makers and indorsers hereby…
1Opinion of the CourtJustice Eakin
Section 5885, L. O. L. (Negotiable Instruments Act), declares that a holder in due course is, inter alia, a holder who has taken under the condition that it is complete and regular upon its face.
Section 5958 provides:
“Any alteration which changes * * the sum payable, either * * principal or interest, * * is a material alteration.”
In Mahaiwe Bank v. Douglas, 31 Conn. 181, a case where the instrument had been changed, and the bank was claiming as an innocent holder in due course, the Supreme Court of Connecticut said:
“Any material alteration in a bill after it is complete, made without consent…
2Cases cited4 opinions
- Andrews v. PondSupreme Court of the United States · 1839
- Angle v. North-Western Mutual Life InsuranceSupreme Court of the United States · 1876
- Mahaiwe Bank v. DouglassSupreme Court of Connecticut · 1862
- Elias v. WhitneyAppellate Terms of the Supreme Court of New York · 1906
3Cited by3 opinions
- Kirchner v. ClostermannOregon Supreme Court · 1931
- Roberson v. First National BankCourt of Appeals of Georgia · 1959
- Everding & Farrell v. ToftOregon Supreme Court · 1915