Second National Bank v. Werner
North Dakota Supreme Court
Appeal from District Court, Wells County; Burke, J. Action by the Second National Bank of Bucyrus, Ohio, and another against G. H. Werner. Judgment for defendant, and plaintiffs appeal. Endorsee who takes notes as collateral to secure a previous debt, is not a bona fide purchaser, etc. Porter v. Andrus, 10 N. D. 558, 88 N. W. 567. Note taken as collateral for debt created at that time is “in due course of business.”
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Appeal from District Court, Wells County; Burke, J. Action by the Second National Bank of Bucyrus, Ohio, and another against G. H. Werner. Judgment for defendant, and plaintiffs appeal. Endorsee who takes notes as collateral to secure a previous debt, is not a bona fide purchaser, etc. Porter v. Andrus, 10 N. D. 558, 88 N. W. 567. Note taken as collateral for debt created at that time is “in due course of business.” Banks v. Eubanks, 101 S. W. 687; Stewart v. Givens, 107 S. W. 422; Brown v. James, 114 N; W, 591; Galliher v. Galliher, 10 Lea 23, 29; Martin v. Bank, 102 S. W. 131 ; Belanger v.…
1Opinion of the CourtCarmody, J.
The plaintiffs have joined in bringing this action to forclose a chattel mortgage, and to recover judgment for the two promissory notes, to secure which the mortgage was given. Each plaintiff holds one of the two notes as collateral to an indebtedness due it. from the Marion Manufacturing Company of Ohio, the payee named therein. Each note was indorsed and transferred before maturity, and to. secure an advancement or loan of money made at the time to the said Marion Manufacturing Company of Ohio, the holder thereof. The loan by the Central National Bank of Battle Creek, Mich.., was $5,000,…
2Cited by1 opinion
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