Stanfield v. Kennedy

1. An indebtedness by the payee to the maker of a negotiable promissory note, which is not connected with the debt evidenced by the note or the transaction out of which the note arises, cannot be set off by the maker against the transferee, notwithstanding the transferee may have acquired the note under dishonor. Civil Code (1910), § 4344; Butler v. Mitchell, 128 Ga. 431 (57 S. E. 764) ; Kinard v. Sanford, 64 Ga. 630.

2. While a payment on a negotiable promissory note, made by the maker to the payee after the maturity of the note but before its transfer, may as a subsisting equity be set off…