Miller & Co. v. Boykin
Supreme Court of Alabama
Appeal from the City Court of Selma. Tried before the Hon. Jona. ITaealson. This action was brought by Thomas P. Miller & Co., bankers in Mobile, suing as partners, against Starke IT. Boykin; was commenced on the 16th October, 1880, and- was founded on the defendant’s promissory note for $2,500, dated Mobile, March 10th, 1880, and payable at the Bank of Mobile, on the 26th June after date, to the order of B. O. James & Co., by whom it was transferred to the plaintiffs.
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Appeal from the City Court of Selma. Tried before the Hon. Jona. ITaealson. This action was brought by Thomas P. Miller & Co., bankers in Mobile, suing as partners, against Starke IT. Boykin; was commenced on the 16th October, 1880, and- was founded on the defendant’s promissory note for $2,500, dated Mobile, March 10th, 1880, and payable at the Bank of Mobile, on the 26th June after date, to the order of B. O. James & Co., by whom it was transferred to the plaintiffs. The defendant filed eight special pleas, to all of which demurrers were sustained, except the 5th, 6th, and 8th, which are as…
1Opinion of the Court
SOMERVILLE, J.:
It is the settled law of this State, whatever may be the general weight of authority on the question, that one who takes negotiable paper as collateral security for the payment of a pre-existing or antecedent debt, is not a purchaser for value in the usual course of trade; and the rule is held to apply to accommodation paper, as well as to other negotiable securities.—Fenouille v. Hamilton, 35 Ala. 319 ; McKenzie v. Branch Bank, 28 Ala. 606.
In all such cases, the paper is, of course, open in the hands of the assignee to all the defenses which could have been made against it…
2Cases cited7 opinions
- Mims v. SturdevantSupreme Court of Alabama · 1860
- Coleman v. SmithSupreme Court of Alabama · 1876
- White's Adm'r v. Life Ass'n of AmericaSupreme Court of Alabama · 1879
- Watts v. BurnettSupreme Court of Alabama · 1876
- Fenouille v. HamiltonSupreme Court of Alabama · 1859
2 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Yelton v. StateSupreme Court of Alabama · 1974
- Boykin v. Bank of MobileSupreme Court of Alabama · 1882
- Roynica v. StateCourt of Criminal Appeals of Alabama · 1974
- Jones v. HaglerSupreme Court of Alabama · 1891
- Broderick v. AdamsonNew York Supreme Court · 1933
5 more not listed; retrieve them via the Exa API.