Lipsmeier v. Vehslage
U.S. Circuit Court for the District of Eastern Missouri
At Law. Suit on a promissory noto for over $500 by a resident of Illinois, to whom it was transferred by the payee, a resident of Missouri, after maturity, as collateral security for a debt of $400. At the time the transfer was made the indorsee gave the indorser a written agreement to account for and pay over to him the entire amount realized from the suit over and above the amount of his debt.
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At Law. Suit on a promissory noto for over $500 by a resident of Illinois, to whom it was transferred by the payee, a resident of Missouri, after maturity, as collateral security for a debt of $400. At the time the transfer was made the indorsee gave the indorser a written agreement to account for and pay over to him the entire amount realized from the suit over and above the amount of his debt. When this suit was instituted, and up to the time of trial, the debt and interest thereon amounted to less than $500. It was therefore contended by the defendant that the court had no jurisdiction,…
1Opinion of the Court
Treat, J.,
(charging jury orally.) This suit is based on a promissory note negotiable in form. The plaintiff sues as indorsee of said note. The ordinary rule of law governing paper of this kind is that it imports on its face a consideration; in other words, that the party who gave the note entered into an obligation to pay the same, for pecuniary reasons, whereby the payee would be entitled to recover on the face of the paper. This note was transferred, as admitted, *176after maturity. If it had been transferred for value, to an innocent party, before maturity, the defenses that are submitted to…
2Cases cited38 opinions
- Allen v. DuffieMichigan Supreme Court · 1880
- Allen v. BrysonSupreme Court of Iowa · 1885
- Minneapolis Harvester Works v. HallySupreme Court of Minnesota · 1881
- Johnston Harvester Co v. McLeanWisconsin Supreme Court · 1883
- Snell v. BrayWisconsin Supreme Court · 1882
33 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Joffe v. BonnCourt of Appeals for the Third Circuit · 1926
- Belk v. FosslerIndiana Court of Appeals · 1911