Merriam v. West

The opinion of the court was delivered by

Harvey, J.:

This is an action upon a promissory note, negotiable in form, by an indorsee claiming to be a holder in due course. There was a trial to the court, a general finding and judgment for the plaintiff, and the defendant has appealed.

The defense was that the note was given for an illegal consideration and that the plaintiff was not a holder in due course.

The note was given for a one sixty-fourth interest in an oil and gas lease. As the evidence disclosed that the seller was syndicating an oil lease yet to be developed, the statute (Laws of 1919,…