Nielson v. Smith

MOFFAT, Justice.

This is a suit on three negotiable promissory notes, executed by the defendant and negotiated by the payee to the plaintiff.

The defendant set up as an affirmative defense that, "all of said notes were secured by title to and a lien upon personal property, and that said security has not been exhausted.” The document that defendant claims constituted the lien and secured title to personal property was received in evidence and constitutes a part of the record. Omitting the formal parts the agreement referred to reads as follows:

“1. That A. J. Nielson agrees to sell, assign, set…