Splivallo v. Patten

Whether or not the facts stated in the answer would have constituted a valid defense to any portion of the plaintiff’s demand, had the plaintiff been the payee instead of the assignee of the note, is not necessary now to determine. It is very evident that a simple failure of consideration, in whole or in part, after a bona fide assignment thereof before maturity, will not avail the makers as a defense in a suit by the assignee of a promissory note, even though the assignee had full knowledge of the original consideration for which the note was given, prior to his purchase and receiving the…