Taylor & Co. v. Nehi Bottling Co.

On Motion for Rehearing.

We, decided the case against plaintiff on, two, grounds: (a) Because, after defendant established its plea of failure of consideration, plaintiff failed to discharge the burden imposed by the provision of section 59, article 5935,' of the Negotiable Instruments Act, in that it did not prove that it acquired the notes sued upon in due course; and (b) because plaintiff was not a holder for value, in that the consideration paid Adriance Machine Works, transferee, was an antecedent or preexisting debt.

Our reasons for the decision are vigorously assailed by plaintiff in its…