Federal Securities Co. v. Swayze

The Federal Securities Company, Inc., sued R. D. Swayze for $238.57, with legal interest thereon from November 18, 1928, on a certain draft for that amount, dated at Shreveport, La., July 18, 1928, drawn by Brown-Mason Oil Company, Inc., on him, payable to drawer’s order 120 days after its date, and accepted by him on the day- of its date. Across the face of the instrument is printed, “The obligation of the acceptor of this bill arises out of the purchase of goods from the drawer.”

The draft is indorsed in blank by the drawer; and the plaintiff alleges that it acquired it before maturity, for…