Pratt v. American Bond & Mortgage Co.

On 27 February, 1926, plaintiffs executed their note for the sum of $1,000, payable to the order of Harry Grimsley, and due twelve months after date, with interest from date at six per cent. This note, endorsed by Harry Grimsley, without recourse, was immediately after its execution delivered to defendant. Defendant thereupon paid to plaintiffs on account of said note the sum of $900. Plaintiffs received nothing for said note from Harry Grimsley; no consideration passed from Harry Grimsley to them for said note. Plaintiffs received from defendant for said note only the sum of $900.

The…