Suddath v. Calhoun & Calhoun

1. A note payable to a named payee, and not to “bearer,” or to “order,” is not a negotiable instrument; as a note payable to “Vineland, Ine., a corporation by and under the laws of Georgia.” The *150transferee of the note, even though he acquired it for value and before maturity, took it subject to all existing defenses which the maker may have had against the payee.

Decided October 3, 1931. Oliver & Oliver, for plaintiff in error. Connerat & Hunter, contra.

2. Where suit on a note given for the purchase-price of stock in a corporation to be afterwards formed was brought by the transferee of the…