McArthur v. . McLeod
Supreme Court of North Carolina
Assumpsit, tried before IIbatii, J., at the last Spring Term of Cumberland Superior Court. The declaration was upon a promissory note for $500, against the maker, and the four other defendants as endorsers, negotiable and payable at the bank of Fayetteville, or at the branch bank of Cape Fear, payable to the defendant McKay. Plea, non-assmnpsit.
Read the full summary
Assumpsit, tried before IIbatii, J., at the last Spring Term of Cumberland Superior Court. The declaration was upon a promissory note for $500, against the maker, and the four other defendants as endorsers, negotiable and payable at the bank of Fayetteville, or at the branch bank of Cape Fear, payable to the defendant McKay. Plea, non-assmnpsit. The defendants gave in evidence, that McLeod applied to McKay to endorse a note in blank for him, and that the latter did so on the condition, that it was to be for $500, and was not to be absolute, unless McLeod procured three other endorsers, and…
1Opinion of the CourtEuKFiN, J.
When the law made promissory notes negotiable, like the bills of exchange, it intended to impart to them a mercantile character, so as to make them answer many of the purposes of money in trade; and, therefore;' the courts were obliged early to lay down rules to prevent frauds on the public, and to sustain that character. Hence, although notes, as simple contracts require a consideration, it has been long settled, that they import a consideration prima facie from the holder, so as to throw the onus on the other side to show the want of a consideration. It is necessarily, the same as to…
2Cited by2 opinions
- Piner v. . BrittainSupreme Court of North Carolina · 1914
- Columbian Conservatory of Music v. DickensonSupreme Court of North Carolina · 1912