Schwenker v. Johnson

*303The following opinion was filed March 5, 1929:

Stevens, J.

The case presents one of those unfortunate situations where a man unskilled in business affairs, through misplaced confidence in one in whom he had faith, has been put in a situation where he is legally subject to liability for approximately double the amount of the debt incurred by him.

As between the Wheeler Credit Company and the defendant Johnson, the note of $2,000 was invalid because given without consideration. But want of consideration is no defense against a holder in due course. Sec. 116.33, Stats. One who takes a negotiable…