Roberts v. McGrath
Wisconsin Supreme Court
APPEAL from the Circuit Court for Wood County. This action is on an instrument purporting to be a promissory note made by the defendant, payable to the Milwaukee & Horicon Railroad Company or order, and (as seems to be conceded, although the record fails fully to show the fact) indorsed to the plaintiff by the payee.- The plaintiff received the note in due course of business, before due, for value, and without notice of any defense thereto.
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APPEAL from the Circuit Court for Wood County. This action is on an instrument purporting to be a promissory note made by the defendant, payable to the Milwaukee & Horicon Railroad Company or order, and (as seems to be conceded, although the record fails fully to show the fact) indorsed to the plaintiff by the payee.- The plaintiff received the note in due course of business, before due, for value, and without notice of any defense thereto. The answer of the defendant alleges that the note was never delivered to the payee, but was clandestinely and fraudulently obtained by it, without…
1Opinion of the CourtLyon, J.
That a bona fide holder for value of a negotiable promissory note, before,maturity, takes the same free from equities between'the original parties thereto, is a general elementary rule of the law merchant, which none will deny. But, to bring an instrument within this rule, it must be the negotiable paper of the party by. whom it purports to have been made. It is not sufficient that.it has the form — that it is in the similitude — ■ of such paper; it must be such in fact. If it never had an inception or legal existence, the party sought to be charged upon it may always, unless estopped by his…
2Cases cited2 opinions
- Walker v. EbertWisconsin Supreme Court · 1871
- Thomas v. WatkinsWisconsin Supreme Court · 1863
3Cited by10 opinions
- Campbell v. CampbellWisconsin Supreme Court · 1882
- McCormick Harvesting Machine Co. v. FaulknerSouth Dakota Supreme Court · 1895
- Hancock v. Empire Cotton Oil Co.Court of Appeals of Georgia · 1915
- Lathrop v. HumbleWisconsin Supreme Court · 1904
- Matter of LemanskiUnited States Bankruptcy Court, W.D. Wisconsin · 1986
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