Tufts v. Shepherd
Supreme Judicial Court of Maine
Reported from Nisi Prius, Tenney, C. J., presiding. This was an action of assumpsit against tbe defendants, as makers of two promissory notes, which were dated January 30, 1856, each of which was for the sum of $500, and was payable to the order of Reuben Flanders, in one year, with interest, and by him indorsed. On the day after the date of the notes, Flanders sold them to one John Tufts, a brother of the plaintiff.
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Reported from Nisi Prius, Tenney, C. J., presiding. This was an action of assumpsit against tbe defendants, as makers of two promissory notes, which were dated January 30, 1856, each of which was for the sum of $500, and was payable to the order of Reuben Flanders, in one year, with interest, and by him indorsed. On the day after the date of the notes, Flanders sold them to one John Tufts, a brother of the plaintiff. He received for them §960, having agreed to allow Tufts interest at the rate of 10 per cent. The evidence in the case tended to show, that Tufts was informed, at the time of the…
1Opinion of the Court
The opinion of the Court was drawn up by
Davis, J.
The notes in suit were overdue when they were transferred to the plaintiff by John Tufts, to whom they were originally transferred by Flanders, the payee. The promisors can avail themselves of any defence against the plaintiff which would have been good against John Tufts, if he had not tranferred the notes.
There can be no doubt that John Tufts, when he received *314the notes, knew that they were made by the defendants for the accommodation of Flanders. They, therefore, had no validity, as contracts, until they were discounted by him, and the…
2Cited by2 opinions
- Second National Bank v. HoweSupreme Court of Minnesota · 1889
- Runciman v. BrownMichigan Supreme Court · 1923