Northwestern Trust Co. v. Fox
North Dakota Supreme Court
Appeal from the District Court of Ramsey County, Buttz, J. Where a note is assigned and later on the assignee and holder obtains from the maker a new note for the amount of the old or assigned note, in lieu thereof, and made payable to himself, it is founded upon a valuable consideration, and independent of that on which the original note was founded; a failure of consideration of the original note is no defense in an action on the latter. 8 Oyc. 36; Williams v. Bank, 1 Ind.…
Read the full summary
Appeal from the District Court of Ramsey County, Buttz, J. Where a note is assigned and later on the assignee and holder obtains from the maker a new note for the amount of the old or assigned note, in lieu thereof, and made payable to himself, it is founded upon a valuable consideration, and independent of that on which the original note was founded; a failure of consideration of the original note is no defense in an action on the latter. 8 Oyc. 36; Williams v. Bank, 1 Ind. 230. While fraud or artifice exists in the taking of a note, causing a failure of consideration, this may be shown in a…
1Opinion of the CourtBurke, J.
Appeal from an order denying plaintiff a new trial. Said motion was based upon many grounds, among them insufficiency of the evidence to support the verdict, estoppel of defendant to maintain his defense, errors in admitting and excluding proof, and newly discovered evidence. It will not be necessary for us to discuss all of those. The facts leading up to the motion for a new trial are in part as follows: In March, 1912, one C. A. Hale solicited the defendant to *485buy stock in.the Great Northern.Life Insurance Company and possibly in the Great Northern Underwriter’s Company, there being a sharp…
2Cited by1 opinion
- People's State Bank v. SnyderNorth Dakota Supreme Court · 1923