Vaughan v. Farmers & Merchants Bank
Supreme Court of Georgia
Complaint. Before -Judge Hammond. Forsyth superior court. October 18, 1915. The Farmers and Merchants Bank brought suit upon a promissory note aganist C. M. Eider as principal, and V. W. Daugherty, J. J. Eeid, J. F. Jordan, and W. H. Vaughan, as indorsers.
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Complaint. Before -Judge Hammond. Forsyth superior court. October 18, 1915. The Farmers and Merchants Bank brought suit upon a promissory note aganist C. M. Eider as principal, and V. W. Daugherty, J. J. Eeid, J. F. Jordan, and W. H. Vaughan, as indorsers. The indorsers filed a plea setting up that there was concealed usury in the note, of which fact they were ignorant at the time of signing; also, that the note recited that collateral to the amount of $2500 was deposited by the maker of the note to secure its payment, and that the collateral referred to was not deposited at the time their…
1Opinion of the CourtBeck, J.
(After stating the foregoing facts.)
1. Error is assigned upon the following charge of the court: “I pause for a moment, to charge you that the law in regard to an indorser avoiding his indorsement on the ground of usury on the note is that he is ignorant of the usury. If he knows of the usury —if his eyes are open to the fact, he has no protection under the law. The law makes his obligation binding when he is conscious of it at the time he signs the note; or if he ratifies it, if he indorses it, if he accepts it after he has signed it, he is equally beyond the *53protection of the law to any…
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