Baker v. Thomas

Action upon a promissory note given in part payment for a patent right. The defense, besides deny*402ing liability on the note, seeks judgment on a counterclaim for damages for fraudulent representations at the time of the purchase of an interest in that patent right. Judgment for plaintiff. Defendant appeals.

The defendant contends that the note as alleged is non-negotiable, and, there being no allegation in the petition that it was given for a consideration, no cause of action is stated. The note does, however, show that it was given “for value received.” These words import a consideration, and…