Knight Co. v. Calhoun

1. Where, without consideration, the payee of a draft indorses it over to another, who thereafter sues him on the indorsement, the want of consideration for the indorsement is a good defense. Each indorsement is a new contract, and, like other contracts, must be supported by a consideration. Cox v. Adams, 2 Ga. 158 (3); Civil Code (1910), § 4261.

2. While a consideration need not necessarily be a benefit accruing to the promisor (Civil Code of 1910, § 4242), and “if there be a valid consideration for the promise, it matters not from whom it is moved” (Civil Code of 1910, § 4249), and while the…