Davis v. Union Planters Nat. Bank & Trust Co.

The question before us is whether a certain note is negotiable. If not, the assignee thereof takes it subject to all equities and defenses available between the original parties. 8 C. J., 52.

Oh March 2, 1932, Davis and wife executed their promissory note to the Turley Mortgage Company, Incorporated, a mortgage broker, of Memphis, for $4,000, pav able in installments over a period of years, with interest payable semiannually at the rate of 6 per cent per an-num, and secured same by executing a deed of trust on their home in Memphis.

It was contemplated by the parties that the New York Life…