National Bank v. Rominee
Missouri Court of Appeals
Appeal from Phelps Circuit .Court. — Hon. Leigh B. Woodside, Judge. (1) • The law is well settled in this State that before an indorsee’s title to a promissory note can be impeached he must have actual knowledge of facts which impeach the validity of the note. Mere knowledge of facts which would put a prudent man upon inquiry is not sufficient. The good faith of the transaction should be, and is the decisive test.
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Appeal from Phelps Circuit .Court. — Hon. Leigh B. Woodside, Judge. (1) • The law is well settled in this State that before an indorsee’s title to a promissory note can be impeached he must have actual knowledge of facts which impeach the validity of the note. Mere knowledge of facts which would put a prudent man upon inquiry is not sufficient. The good faith of the transaction should be, and is the decisive test. Upon this principle plaintiff’s peremptory instruction should have been given at the close of the whole case. Hamilton v. Marks, 63 Mo. 167; Leavitt v. Taylor, 163 Mo. 171; Rank v.…
1Opinion of the CourtGoode, J.
Action on a promissory note by an indorsee. The note was executed by respondents, who are husband and wife, March 22, 1905, payable September 15, 1905, to the order of O. A. Post, for $120, with interest from maturity at eight per cent. The answer says the note in suit and another like it, were procured from respondents by the fraud of Post the payee, were without consideration and were purchased for appellant by its cashier when he knew both facts, viz.: that the notes had been obtained by fraud and were without consideration. Evidence in favor of both appellant and respondents was…
2Cases cited4 opinions
- Hamilton v. MarksSupreme Court of Missouri · 1876
- Mayes v. RobinsonSupreme Court of Missouri · 1887
- Hahn v. BradleyMissouri Court of Appeals · 1902
- Brown v. HoffelmeyerMissouri Court of Appeals · 1898
3Cited by5 opinions
- Local Finance Company v. CharltonMissouri Court of Appeals · 1956
- Merchants National Bank v. BrischMissouri Court of Appeals · 1911
- Carnie-Goudie Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Jobes v. WilsonMissouri Court of Appeals · 1910
- National Bank v. RomineMissouri Court of Appeals · 1911