Saltmarsh v. Tuthill
Supreme Court of Alabama
Error to thé Circuit Court of Dallas. Before the Hon. E. Pickens. Assumpsit by the defendant in error, against the plaintiff in error, as indorser of a bill of exchange for $4,000, drawn by Samuel M. Hill, on Bower & Co., in favor of A. W. Coleman, dated 13th December, 1845, and payable thirty days after date ; accepted by Bower & Co., and indorsed by Coleman, and Saltmarsh.
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Error to thé Circuit Court of Dallas. Before the Hon. E. Pickens. Assumpsit by the defendant in error, against the plaintiff in error, as indorser of a bill of exchange for $4,000, drawn by Samuel M. Hill, on Bower & Co., in favor of A. W. Coleman, dated 13th December, 1845, and payable thirty days after date ; accepted by Bower & Co., and indorsed by Coleman, and Saltmarsh. The defendant pleaded — 1. Non-assumpsit. 2. That the bill was an accommodation bill, and appropriated to a different purpose than was intended by the drawer, first and second indorsers. 3. That the bill was an…
1Opinion of the CourtCollier, C. J.
Prima facie, the holder of a bill is presumed to have acquired, it for a valuable consideration, and is not bound to show that he has paid any thing for it, until the other party has established the want, or failure, or illegality of the consideration, or that the bill had been lost or stolen before it came to the possession of the holder. When this has been done, it may be incumbent upon him to show, that he has given value ; for under such circumstances, he ought not to be placed in a better situation than the antecedent parties, through whom he obtained the bill. Story on Bills, <§> 193.…
2Cases cited22 opinions
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- Wardell v. HowellNew York Supreme Court · 1832
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