National Bank of Chambersburg v. Grimm
Supreme Court of North Carolina
This was a civil ACTION, tried before Boykin, /., at August Term, 1891, of Mooke Superior Court. The defendant made his promissory note to the Taylor Manufacturing Company for $401.95, dated the 2d day of April, 1886, and due six months from date. Before the note matured the payee endorsed it for value to the plaintiff, who held it as collateral security for an indebtedness due it from the said Manufacturing Company.
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This was a civil ACTION, tried before Boykin, /., at August Term, 1891, of Mooke Superior Court. The defendant made his promissory note to the Taylor Manufacturing Company for $401.95, dated the 2d day of April, 1886, and due six months from date. Before the note matured the payee endorsed it for value to the plaintiff, who held it as collateral security for an indebtedness due it from the said Manufacturing Company. The note not being paid at maturity, the said company “took it up along with several other past due discounts, by giving to the bank (the plaintiff) a new note for an amount…
1Opinion of the CourtMeerimoN, C. J.
after stating the ease: It appears that the defendant executed the note sued upon to the Taylor Manufacturing Company, and the latter company sold and endorsed it to the plaintiff. Whether it was negotiable or not (and there was some question as to this), it belonged to the plaintiff at and before the time this action began, and the defendant, the maker thereof, bad knowledge of this fact then and ever thereafter. Moreover, so far as appears, he then had no debt, claim or demand, legal or equitable, against the company io which he gave the note, that he could set against it, or avail himself…
2Cases cited4 opinions
- Ward v. SmithSupreme Court of the United States · 1869
- Moye v. . CogdellSupreme Court of North Carolina · 1873
- Williams v. . JohnstonSupreme Court of North Carolina · 1885
- Herring Farrell v. . Hottendorf HashaganSupreme Court of North Carolina · 1876
3Cited by2 opinions
- Barnes v. Peoples Bank & Trust Co.Supreme Court of North Carolina · 1927
- Lewis v. . BlueSupreme Court of North Carolina · 1892