Dennison v. Jessup
Ohio Superior Court, Cincinnati
Special Term. — This is an action brought by the plaintiff as indorsee and holder of a promissory note for $350, made by the defendant, payable to the order of W. D. Ludlow, and indorsed by him, for accommodation of the defendant, to S. R. Smith, who indorsed it and delivered it to Horace Bronson, who transferred it to plaintiff. It is admitted that the plaintiff' is entitled to judgment, unless the facts set up by way of defense are an answer to the action.
Read the full summary
Special Term. — This is an action brought by the plaintiff as indorsee and holder of a promissory note for $350, made by the defendant, payable to the order of W. D. Ludlow, and indorsed by him, for accommodation of the defendant, to S. R. Smith, who indorsed it and delivered it to Horace Bronson, who transferred it to plaintiff. It is admitted that the plaintiff' is entitled to judgment, unless the facts set up by way of defense are an answer to the action. The facts are these: The note bears date the first day of J anuary, 1855, and is payable six months after date. It was made in fact, and…
1Opinion of the CourtSpencer, J.
There is no doubt that' the illegality in the consideration of the note renders it void as between the original parties, and the only question to be decided is whether, as the note was negotiable and negotiated before its actual maturity, the plaintiff, as an innocent holder for value, in the usual course of business, is affected by the illegality, or want of consideration.
So far as the consideration of the transfer to the plaintiff is concerned, there seems to be no doubt that the plaintiff is a purchaser for value, and, in the usual course of business, within the principle of the decisions…
2Cases cited1 opinion
- Brewster v. McCardellNew York Supreme Court · 1832