Washer v. Smyer
Texas Supreme Court
Error to the Court of 'Civil Appeals for the Seventh District, in an appeal from Swisher County. Smyer sued the Prudential Life Insurance Company of Texas and Washer to cancel a note given in payment for stock in the company and the stock issued therefor and to recover back interest payments. Washer, by cross action, sought recovery on the note and foreclosure of lien securing it.
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Error to the Court of 'Civil Appeals for the Seventh District, in an appeal from Swisher County. Smyer sued the Prudential Life Insurance Company of Texas and Washer to cancel a note given in payment for stock in the company and the stock issued therefor and to recover back interest payments. Washer, by cross action, sought recovery on the note and foreclosure of lien securing it. Smyer had judgment for his interest payments and cancellation of stock, and Washer recovered on the note against Smyer and' the company as indorser, with foreclosure of lien. The Prudential Life-Insurance Company…
1Opinion of the CourtChief Justice Phillips
The case presents the question of whether a note given a corporation and accepted by it in payment for shares of its capital stock is enforcible in the hands of a bona fide holder for value, who acquired iti before maturity in due course of business and without notice of the nature of the transaction in which it was given.
The note involved here was given by J. F. Smyer to the Prudential Life Insurance Company of Texas in payment for shares of its capital stock for which a stock certificate was issued to him by the company. It was secured by a valid first mortgage lien upon land admittedly…
2Cases cited27 opinions
- Fleckner v. President of the Bank of the United StatesSupreme Court of the United States · 1823
- Oates v. National BankSupreme Court of the United States · 1879
- Sondheim v. GilbertIndiana Supreme Court · 1888
- Vinton v. PeckMichigan Supreme Court · 1866
- New v. WalkerIndiana Supreme Court · 1886
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