Shaffer v. Peavey
Wisconsin Supreme Court
Appeal from a judgment of the circuit court for Bayfield county: Q-. N. Rxsjobd, Circuit Judge. Action upon three negotiable promissory notes dated October 23, 1907, given to the Dakota Town Lot Company in part payment for the town site of the village of Carlyle, South Dakota, which was then purchased by the defendants Peavey and Ward of said company. These notes, with others of the-series amounting in all to $4,300, were secured by mortgage^ upon the real estate.
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Appeal from a judgment of the circuit court for Bayfield county: Q-. N. Rxsjobd, Circuit Judge. Action upon three negotiable promissory notes dated October 23, 1907, given to the Dakota Town Lot Company in part payment for the town site of the village of Carlyle, South Dakota, which was then purchased by the defendants Peavey and Ward of said company. These notes, with others of the-series amounting in all to $4,300, were secured by mortgage^ upon the real estate. As lots in the town site were sold the mortgage was released from the parcel sold. In March, 1908, the defendant and appellant,…
1Opinion of the CourtWinslow, C. J.
Tbe verdict was rightly directed. Tbe only question in tbe case was whether tbe plaintiff was a bolder in due course. If be was, tbe agreement of novation does not affect bis rights to recover. Tbat be was such bolder there can be no doubt. Tbe railway company received tbe notes in tbe regular course of business before due as collateral security upon an existing indebtedness and in consideration Thereof agreed to give further time to pay such debt. This made tbe company a bona fide bolder in due course unless it bad notice tbat there was a defect in tbe title. Bowman v. Van Kuren, 29 Wis.…
2Cases cited1 opinion
- Bowman v. Van KurenWisconsin Supreme Court · 1871
3Cited by2 opinions
- Gulbranson-Dickinson Co. v. HopkinsWisconsin Supreme Court · 1919
- Walmer v. First Acceptance Co.Wisconsin Supreme Court · 1927