Tracey v. Town of Phelps

The plaintiff contends that Post was a bona fide holder of the bonds in suit, and the plaintiff, who acquired title from him, Was entitled to stand' on Post’s title, notwithstanding the bonds were illegally created by persons who assumed authority to represent the defendant. When it appeared that the bonds were issued in fraud of the rights of the defendant, the burden was cast upon the plaintiff to show that he was a holder in good faith, and for value. Bailey v. Town of Lansing, 13 Blatchf. 424. He attempted to do this by showing that Post was such a purchaser. Post was produced as a…