Stafford v. Fargo
Illinois Supreme Court
Writ of Error to the Superior Court of Chicago. This was an action of assumpsit instituted in the court below. by Orange Fargo against John F. Stafford, to recover as assignee upon the following promissory note: “ $533tVo Chicago, Sept. 22, I860. Due Henrietta A. Lyon or order, five hundred and thirty-three TW dollars, on demand, for value received. (Signed,) JOHN F. STAFFORD,” Indorsed, Henrietta A. Lyon,” Addison P. Lyon.”
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Writ of Error to the Superior Court of Chicago. This was an action of assumpsit instituted in the court below. by Orange Fargo against John F. Stafford, to recover as assignee upon the following promissory note: “ $533tVo Chicago, Sept. 22, I860. Due Henrietta A. Lyon or order, five hundred and thirty-three TW dollars, on demand, for value received. (Signed,) JOHN F. STAFFORD,” Indorsed, Henrietta A. Lyon,” Addison P. Lyon.” The defense set up was the alleged want of consideration for the note at the time it was given. The note was executed by Stafford under the following circumstances:…
1Opinion of the CourtChief Justice Walker
The note sued upon in this case was over due, when it was assigned to defendant in error. He then took it subject to all equities or defenses that existed at the time. The ■assignee, after maturity, is supposed to have' notice of any defense that then exists, and it may be as effectually made in his hands as if suit were brought by the payee. This being the rule, it follows, that if there was a want of consideration to support the note when it was given, that defense may be properly interposed in this action. The note appears to have been given, as collateral security, for the money advanced…
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