Prater v. Baughman

The failure of an executory consideration in a promissory note is not a defense against a purchaser for value before maturity who had knowledge of the character of the consideration but who acquired the note before the consideration had actually failed, and who had no notice, constructive or otherwise, that the consideration would fail. Simmons v. Council, 5 Ga. App. 286 (63 S. E. 238); Whitten v. Railway Postal Clerks’ Investment Asso., 16 Ga. App. 685 (85 S. E. 973); Turner Lumber Co. v. Henderson Co., 20 Ga. App. 682, 689 (93 S. E. 301), and authorities cited. In the instant case no facts…