Homes v. Smyth
Supreme Judicial Court of Maine
The action was by the plaintiffs, as indorsees of a note, dated May 4, 1835, signed by the defendant, payable in one year, to E. S. Smith, or order, and indorsed in blank by them, and by Levi Cram, and by Cram, Dutton & Co. The note was negotiated to the plaintiffs by Levi Cram, eight or ten months before it became payable, without any knowledge by the plaintiffs of the consideration on which it was given, “ in payment of a debt long before that time due from said Cram to…
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The action was by the plaintiffs, as indorsees of a note, dated May 4, 1835, signed by the defendant, payable in one year, to E. S. Smith, or order, and indorsed in blank by them, and by Levi Cram, and by Cram, Dutton & Co. The note was negotiated to the plaintiffs by Levi Cram, eight or ten months before it became payable, without any knowledge by the plaintiffs of the consideration on which it was given, “ in payment of a debt long before that time due from said Cram to the plaintiffs.” It appeared in evidence, the plaintiffs objecting to the admission thereof that the note in suit was…
1Opinion of the Court
The opinion of the Court was by
Shepley J.
These notes were transferred to the plaintiffs before maturity, and without any notice of a defence, in payment of *179a pre-existing debt, due to them from the second indorser. And the question is, whether the same defence may be made, as if they were in the hands of the promisee. If the plaintiffs are holders for a valuable consideration, paid in the usual course of trade, they are entitled to recover. What is to bo regarded as such a consideration, has been frequently discussed; and Eyre C. J. in the case of Collins v. Martin, 1 B. & P. 648, states the…
2Cases cited2 opinions
- New-York State Bank v. FletcherNew York Supreme Court · 1830
- Rosa v. BrothersonNew York Supreme Court · 1833
3Cited by4 opinions
- Belleville Savings Bank v. BornmanIllinois Supreme Court · 1888
- Atkinson v. BrooksSupreme Court of Vermont · 1854
- Lewis v. HodgdonSupreme Judicial Court of Maine · 1840
- Tucker v. New Hampshire Savings BankSupreme Court of New Hampshire · 1877