Thompson v. Maddux
Supreme Court of Alabama
Appeal from the Chancery Court of Bullock. Heard before the Hon. Jbbjí N. Williams. On the 18th of March, 1893, T. J. Maddux, filed his original bill in the chancery court of Bullock county against W. I. R. Thompson, Alley Jordan and Watt Jordan.
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Appeal from the Chancery Court of Bullock. Heard before the Hon. Jbbjí N. Williams. On the 18th of March, 1893, T. J. Maddux, filed his original bill in the chancery court of Bullock county against W. I. R. Thompson, Alley Jordan and Watt Jordan. The object of .the bill was to enjoin the foreclosure, under the power therein, of a mortgage made by said Thomas J. Maddux to Jordan & Sons, a partnership composed of Alley Jordan and Watt Jordan, to secure a note of $3,000, which note and mortgage had been transferred by said Jordan & Sons to said W.-I. R. Thompson, surviving partner of Robinson &…
1Opinion of the CourtHaralson, J.
1. It is settled in this State, that one who takes negotiable paper as collateral security for the payment of a pre-existing or antecedent debt, is not a purchaser for value in the usual course of trade ; that such paper is open in the hands of the assignee to all defenses which could have been made against it, while in the hands of the assignor or original owner; and that one who honestly receives -a negotiable bill or note before maturity, as collateral security for a debt contracted simultaneously, or in pursuance of a previous agreement, made at the time the debt was contracted, is…
2Cases cited8 opinions
- Craft v. RussellSupreme Court of Alabama · 1880
- Hawley v. BibbSupreme Court of Alabama · 1881
- Peet & Co. v. HatcherSupreme Court of Alabama · 1895
- Barton v. BartonSupreme Court of Alabama · 1883
- Marks v. First National BankSupreme Court of Alabama · 1885
3 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Colburn v. Mid-State Homes, Inc.Supreme Court of Alabama · 1972
- Woodruff v. SmithSupreme Court of Alabama · 1899
- In re Grocers' Baking Co.District Court, N.D. Alabama · 1920
- Fortson v. BishopSupreme Court of Alabama · 1920
- Jones v. StollenwerckSupreme Court of Alabama · 1928
5 more not listed; retrieve them via the Exa API.