Amthauer v. Johnson

The opinion of the court was delivered by

Harvey, J.:

This is an action by the holder of a promissory note which had been sold to him after its maturity date and at that time indorsed to him by the bank of which defendants are the receivers. Defendants’ demurrer to the petition was overruled. They stood on the demurrer, judgment was rendered against them, and they have appealed.

The legal question presented is the liability to his transferee of one who, for value, sells and indorses a past-due promissory note. Appellants contend that plaintiff is not a holder in due course, as that term is…