Edwards v. Bates County

PHILIPS, District Judge.

If it were conceded that the plaintiff, Edwards, at the institution of this suit, was in fact the owner of the bonds in question, yet, as he did not acquire them until after their *528maturity, he took them subject to all the equities and defenses which the county could make against the railroad company. The taker of •overdue paper “takes it as a holder with notice that it is subject to some defenses, if he takes it at a time when in due course it should have been paid. He is, therefore, subject to the defense (x) that it was affected in its inception with some inherent…