United States National Bank of New York v. McNair
Supreme Court of North Carolina
This was a civil actioN, tried before ITis Honor, George H. Brown,presiding Judge, and a jury, at April term, 1894, of the Superior Court of New HaNovee County.
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This was a civil actioN, tried before ITis Honor, George H. Brown,presiding Judge, and a jury, at April term, 1894, of the Superior Court of New HaNovee County. The following issues were submitted to the jury : “1. Is the defendant indebted to the plaintiff; and if so, in what sum ? “2. Is the note sued on in this action subject to the set-off pleaded in the answer ? ” The plaintiff offered in evidence a note for the sum of $2,500.00, dated 21st November, 1891, and due thirty days after date, executed by the defendant, to the First National Bank, of Wilmington, N. C., endorsed to the…
1Opinion of the Court
Clakk, J.:
The familiar general rule is that an endorsee of negotiable paper, for value, before maturity, without notice of any infirmity,, takes it clear of all equities and defences between antecedent parties, and is of course entitled to recover the full amount of the same, according to its tenor. The exceptions to this rule are, 1. When by statute the paper is void in whole or in part from its inception as for usury. In such cases it is void to the same extent into whosesoever hands it may pass, even if acquired before maturity, for value and without notice, and the sole remedy of the…
2Cases cited5 opinions
- Cromwell v. County of SacSupreme Court of the United States · 1878
- Dresser v. Missouri & Iowa Railway Construction Co.Supreme Court of the United States · 1876
- Ward v. . SuggSupreme Court of North Carolina · 1893
- Daniels v. WilsonSupreme Court of Minnesota · 1875
- Kerr v. . CowenSupreme Court of North Carolina · 1833
3Cited by5 opinions
- Bank of North Carolina, N. A. v. The Rock Island Bank, an Illinois CorporationCourt of Appeals for the Seventh Circuit · 1980
- Branham v. Drew Grocery Co.Mississippi Supreme Court · 1927
- Bank v. . McNairSupreme Court of North Carolina · 1894
- Faison v. C. W. Grandy & SonsSupreme Court of North Carolina · 1900
- Hancock v. State Nat. BankMississippi Supreme Court · 1952