First National Bank of Waukesha v. Motors Acceptance Corp.

The following stipulations under ch. 116, Stats. (N. I. L.), were made by the parties: The 10 notes given Sauer by defendant, and plaintiff’s draft, were all negotiable instruments under sec. 116.02, Stats. Sauer pro*47cured the 10 notes from defendant by fraud, thus rendering his title to the notes defective under sec. 116.60. Plaintiff met all the requirements of a holder in due course under sec. 116.57. There was no stipulation with respect to La Salle National’s status as a holder in plaintiff’s draft. But, by virtue of sec. 116.64, La Salle National “is deemed prima facie to be a holder in…