State National Bank v. Cason
Supreme Court of Louisiana
A PPEAL from the Twelfth District £jl Overton, J. Court, Parish of Avoyelles. A bank taking a note before maturity as collateral security for money loaned, becomes the holder in good faith for a valuable consideration. 21 Ann. 555. One holding a note as colltaeral security is practically owner of it to the extent of his debt. 27 Ann., 561. The pledgee of a promissory note payable to the drawer’s own order and by him endorsed, may sue and recover on the note. 21 Ann. 555. The…
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A PPEAL from the Twelfth District £jl Overton, J. Court, Parish of Avoyelles. A bank taking a note before maturity as collateral security for money loaned, becomes the holder in good faith for a valuable consideration. 21 Ann. 555. One holding a note as colltaeral security is practically owner of it to the extent of his debt. 27 Ann., 561. The pledgee of a promissory note payable to the drawer’s own order and by him endorsed, may sue and recover on the note. 21 Ann. 555. The law, from considerations of public policy, and in order to favor the free circulation of bills of exchange and other…
1Opinion of the Court
The opinion of the Court was delivered by
Todd, J.
The plaintiff, as holder and endorser of a promissory note executed by the defendant for $2,500, sued to recover the amount thereof, with interest.
The defence presented by the answer is in substance that the note was given as collateral security for plantation supplies to be furnished the defendant for the year 1884 by G-idiere, Day & Co., the payees of the note ; that shortly after the execution of the note, and when only a small part of the supplies had been furnished, G-idiere, Day & Co. failed. That one W. A. Pollack succeeded to the…
2Cited by21 opinions
- Siegel, Cooper & Co. v. Chicago Trust & Savings BankIllinois Supreme Court · 1890
- Tyler v. Whitney-Central Trust & Savings BankSupreme Court of Louisiana · 1924
- Sutton v. BeckwithMichigan Supreme Court · 1888
- Continental Bank & Trust Co. v. Times Pub. Co.Supreme Court of Louisiana · 1917
- Miller v. OttawayMichigan Supreme Court · 1890
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