Lake v. Reed
Supreme Court of Iowa
Appeal from. Mahasha Circuit Court. Tuesday, July 26. Action upon a negotiable promissory note by the indorsee thereof. Defense, that the note was given for the agency of a patent right, and that it was procured by false representations by the payee thereof, and that the consideration had failed. Trial to a jury; verdict and judgment for the defendant. The plaintiff appeals.
1Opinion of the Court
Cole, Ch. J.
The only real question in this case is as to the correctness of this instruction given by the court to the jury: “ Although the note may have been procured by fraud, perpetrated by the payee of the note, or his agents, yet if plaintiff-took the note before maturity in the ordinary course of business and for a valuable consideration, such fraud would not be available as against plaintiff as a defense, until it is shown that the plaintiff had notice of such fraud, or, such facts and circumstances as would have put a reasonable man upon inquiry in relation to the same."
The latter…
2Cases cited3 opinions
- Trustees of Iowa College v. HillSupreme Court of Iowa · 1861
- Gage v. SharpSupreme Court of Iowa · 1867
- Kelly v. FordSupreme Court of Iowa · 1856
3Cited by9 opinions
- Hamilton v. MarksSupreme Court of Missouri · 1876
- Farrell v. LovettSupreme Judicial Court of Maine · 1878
- Cook v. WeirmanSupreme Court of Iowa · 1879
- Lehman v. PressSupreme Court of Iowa · 1898
- Richards v. MonroeSupreme Court of Iowa · 1892
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