Stotts v. Byers
Supreme Court of Iowa
Appeal from Henry District Court. Suit on the following note: “ On or before the first day of October next, I promise to pay Joseph Johnson, or bearer, the sum of one hundred dollars for value received, this 18th May, 1857. “John Byees.
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Appeal from Henry District Court. Suit on the following note: “ On or before the first day of October next, I promise to pay Joseph Johnson, or bearer, the sum of one hundred dollars for value received, this 18th May, 1857. “John Byees. “ Indorsed, ‘ Joseph Johnson.’ ” The cause was submitted to the court, which found the facts specially as follows: “ The note sued on was, on the first of June, 1857, the property of Joseph Johnson, the payee, and on that day was deposited by him with one ¥m. A. Griffy, as collateral security for the payment of a note of $100, made by said Johnson to said…
1Opinion of the CourtCole, J.
1. Promisory note: Indorsement as collateral. The only question in this case is, whether the plaintiff, having, without notice of equities, taken the note before due as collateral security for his liability in becoming surety for the transferrer, for a debt which he afterwards paid, is a holder in good faith, for a valuable consideration, in the ordinary course of business, in such a sense as that he takes it discharged of any equities between the antecedent parties. This question was decided by this court in the affirmative, in the case of Trustees of Iowa College v. Hill, 12 Iowa, 462,…
2Cases cited2 opinions
- Trustees of Iowa College v. HillSupreme Court of Iowa · 1861
- Ruddick v. LloydSupreme Court of Iowa · 1863
3Cited by1 opinion
- Lathrop v. DonaldsonSupreme Court of Iowa · 1867