Commerce Securities Corp. v. Hays

This is a case originating in the county court of Dallas county at law No. 1. Appellant brought the suit against appellee, W. S. Hays, claiming to be a holder in due course of a negotiable note executed by appellee to McLendon Radio Shop, and purchased before maturity, without notice of any defect or vice therein. The defenses relied upon by appellee in the trial court were: (1) The failure of consideration; (2) fraud in the inducement and factum of the note; (3) that the instrument sued upon is not a negotiable instrument ; and (4) forgery by material alterations, the negotiation and…