McMillan v. Spencer

The rulings announced in headnotes one to four, inclusive, do not require elaboration.

The plaintiff suing as transferee of the note did not join the transferor '(the payee named in the note) as a party defendant. The defendant’s answer admitted execution of the note, and pleaded in avoidance thereof that the note was executed without consideration, that the plaintiff was not a bona fide holder for value, but that he had received the same under a collusive arrangement with the transferor to protect the latter as an innocent holder against the defense of the maker. It was not certain that the…