Ray v. Anderson

1. The defendant in a suit o’n a promissory note can not inquire into the title of the holder, unless it is necessary for his protection, or to let in the defense which he seeks to make. Civil Code, § 3698.(a) Under the Civil Code, § 5432, the assignee or holder of a note given for the purchase-money of land may, in appropriate proceedings, subject the land to his debt. Hence, in a suit brought on promissory notes of the character mentioned and payable to named persons or bearer, it is not a good defense that title to the notes has (since the passage of the act of 1894, codified in the…