Johnson County Savings Bank v. Roberts & McClure
Supreme Court of Georgia
Complaint. Before Judge Gober. Cherokee superior court. May 22, 1905. The Johnson County Savings Bank sued Boberts & McClure on a promissory note made by the defendants, dated December 3, 1901, due twelve months after date, payable to the order of the Equitable Manufacturing Company, and indorsed by that company to the plaintiff.
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Complaint. Before Judge Gober. Cherokee superior court. May 22, 1905. The Johnson County Savings Bank sued Boberts & McClure on a promissory note made by the defendants, dated December 3, 1901, due twelve months after date, payable to the order of the Equitable Manufacturing Company, and indorsed by that company to the plaintiff. The defendants pleaded failure of consideration, and that the plaintiff was not an innocent holder of the note, but purchased the same, if purchased by the plaintiff at all, after its maturity. On the trial the defendants admitted the execution of the note and the…
1Opinion of the CourtFisi-i, C. J.
(After stating the facts.) A bona fide holder of a negotiable promissory note, receiving the same before due, for value, is protected against a plea of failure of consideration. “The holder” of a negotiable promissory note “is presumed to be such bona fide, and for value; if either fact is negatived by proof, the defendants are let in to all their defenses; such presumption is. negatived by proof of any fraud in the procurement of the note.” Civil Code, §3696. “Fraud in the procurement of the note” means fraud in its procurement by the holder thereof, and has no reference to fraud in the…
2Cases cited1 opinion
- Pate v. AllisonSupreme Court of Georgia · 1902
3Cited by4 opinions
- Harrell v. National Bank of CommerceSupreme Court of Georgia · 1907
- Stubbs v. Fourth National BankCourt of Appeals of Georgia · 1913
- Citizens Banking Co. v. TootleCourt of Appeals of Georgia · 1916
- Luke v. BankCourt of Appeals of Georgia · 1930