National Life & Accident Ins. v. Varner

By the bill, complainant, the holder in due course of a series of notes, seeks a deficiency decree against two of the indorsers thereon. These indorsers insist that, having received no notice of dishonor, they are discharged. In response to this contention, complainant insists (1) that notice was unnecessary, since defendants had actual knowledge of the dishonor and (2) that notice of dishonor was waived by defendants.

The chancellor found in favor of complainant. The Court of Appeals reversed the decree of the chancellor and dismissed the bill. Certiorari has been granted and argument heard.

On…