Hiawatha Iron Co. v. John Strange Paper Co.
Wisconsin Supreme Court
Appeal from a judgment of the circuit court for "Winnebago county: Geo. W. Buehell, Circuit Judge. This is an action upon two promissory notes against John 'Strange, as maker, and the John Strcmge Paper Company, a corporation, as indorser.
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Appeal from a judgment of the circuit court for "Winnebago county: Geo. W. Buehell, Circuit Judge. This is an action upon two promissory notes against John 'Strange, as maker, and the John Strcmge Paper Company, a corporation, as indorser. The corporation defended on the ground that the indorsement of the corporate name upon :said notes was made by John Strange in fraud of the corporation, and that the plaintiff was not a bona fide purchaser, but took the same with notice of the fraud. The evidence showed that the notes were in fact executed by the defendant John Strange at Menasha,…
1Opinion of the CourtWiNslow, J.
The notes in question were executed by Strange in payment of his individual debt to Smith, and it is admitted that the indorsement of the corporation was an accommodation indorsement, and was placed thereon by Strange, as president, without authority and without consideration, and consequently that the corporation was not bound by such indorsement to the original holder of the notes, or any subsequent indorsee who took them with notice •of the facts. They were transferred to the plaintiff, for what must be considered an adequate consideration, before maturity, and with no actual knowledge of…
2Cases cited9 opinions
- West St. Louis Savings Bank v. Shawnee County BankSupreme Court of the United States · 1877
- Haywood v. Lincoln Lumber Co.Wisconsin Supreme Court · 1885
- Houghton v. First National BankWisconsin Supreme Court · 1870
- Lee v. SmithSupreme Court of Missouri · 1884
- Rockwell v. Elkhorn BankWisconsin Supreme Court · 1860
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3Cited by8 opinions
- Drovers' & Mechanics' Nat. Bank of Baltimore v. First Nat. Bank of SuttonCourt of Appeals for the Fourth Circuit · 1919
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- First National Bank v. Drovers' & Mechanics' National BankCourt of Appeals for the Fourth Circuit · 1917
- Meating v. Tigerton Lumber Co.Wisconsin Supreme Court · 1902
- Heinze v. South Green Bay Land & Dock Co.Wisconsin Supreme Court · 1901
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