Johnson County Savings Bank v. Lowe
Missouri Court of Appeals
Appeal from the Johnson Circuit Court. — Mon. .Chas. W. Sloan, Judge. “Notice of demand and protest is1 waived” — the waiver proven — plainly meant just what was said, a waiver of notice, but not a waiver of demand, or protest which includes demand, without which, in the absence of presentment and demand of payment, appellant was not bound as indorser of a negotiable promissory note. Jaccard v. Anderson, 37 Mo. 91; 2 Daniels on Neg.
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Appeal from the Johnson Circuit Court. — Mon. .Chas. W. Sloan, Judge. “Notice of demand and protest is1 waived” — the waiver proven — plainly meant just what was said, a waiver of notice, but not a waiver of demand, or protest which includes demand, without which, in the absence of presentment and demand of payment, appellant was not bound as indorser of a negotiable promissory note. Jaccard v. Anderson, 37 Mo. 91; 2 Daniels on Neg. Inst., sec. 1083, p. 131; Tiedeman on Com.Paper, sec. 363 ; 2 Daniels on Neg. Inst., p. 132 ; Burnham v. Webster, 17 Me. 50 ; Creamer v. Perry, 17 Pickering, 332…
1Opinion of the Court
Smith, P. J.,
The question we must here decide is, what is the legal effect of the following words appearing on the back of a negotiable promissory note such as the one sued on, over the signature of the indorser, to-wit: “Notice of demand and protest is waived.” Are these words sufficient to legally bind the indorser in case the maker fails to pay the note at its maturity ? The term “protest,” in a legal and commercial sense, means all the steps taken to fix the liability of the-drawer or indorser, upon the dishonor of the commercial paper to which he is a party; or, in other words,…
2Cases cited3 opinions
- Coddington v. DavisNew York Supreme Court · 1846
- Jaccard v. AndersonSupreme Court of Missouri · 1865
- Porter v. KemballNew York Supreme Court · 1868
3Cited by3 opinions
- Bradley, Wheeler & Co. v. AsherMissouri Court of Appeals · 1896
- Hammett v. TrueworthyMissouri Court of Appeals · 1892
- Richards v. HarrisonMissouri Court of Appeals · 1897