Bashaw v. Vance
Supreme Court of Arkansas
Appeal from Hot Spring Chancery Court; Jethro P. Henderson, Chancellor; The rights and liabilities of parties to a note executed for a patent right and patent-right territory form an exception to the law merchant, and are clearly defined by our statute.
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Appeal from Hot Spring Chancery Court; Jethro P. Henderson, Chancellor; The rights and liabilities of parties to a note executed for a patent right and patent-right territory form an exception to the law merchant, and are clearly defined by our statute. Kirby’s Digest, § § 512-514. Under the statute the maker can make all defenses against the holder of such a note that could be made against the original payee, and no person is an innocent purchaser or holder, thereof, whether transferred before maturity or not. The statute is valid. 207 U. S. 257; 203 U. S. 358; 86 Ark. 155. All that appellee…
1Opinion of the CourtWood, J.
The question in this case is whether or'not the assignee of a note given for a patent right and patent-right territory for value before maturity is an innocent purchaser for value so as to preclude the maker of the note from setting up the defense of payment when sued by the assignee where there was no fraud or deception practiced upon the maker by the payee in the purchase of the patent right or patent-right territory.
It is contended by the appellee that the only defense against a holder of such note who has bought same before maturity and paid value therefor are fraud practiced upon the…
2Cases cited4 opinions
- Ozan Lumber Co. v. Union County Nat. Bank of LibertySupreme Court of the United States · 1907
- John Woods & Sons v. CarlSupreme Court of the United States · 1906
- Woods v. CarlSupreme Court of Arkansas · 1905
- Columbia County Bank v. EmersonSupreme Court of Arkansas · 1908