Merchants National Bank v. Grigsby
Supreme Court of Iowa
Appeal from Boone District Court. — Hon. R. M. Wright, Judge. Action at law upon, a promissory note for $1,000. The payee of the note was J. Crouch & Son, who endorsed the same to the plaintiff before maturity. The defendant admits the execution of the note, but sets up in defense a breach of warranty and false representations, and failure of consideration, and that the plaintiff is not a good-faith holder in due course.
Read the full summary
Appeal from Boone District Court. — Hon. R. M. Wright, Judge. Action at law upon, a promissory note for $1,000. The payee of the note was J. Crouch & Son, who endorsed the same to the plaintiff before maturity. The defendant admits the execution of the note, but sets up in defense a breach of warranty and false representations, and failure of consideration, and that the plaintiff is not a good-faith holder in due course. At the close of the evidence, there was a directed verdict for the plaintiff. The defendant appeals.
1Opinion of the CourtEvans, J.
The note in question was given on September 28, 1909, and was one of a series of three notes of $1,000 each, representing the purchase price of an imported stallion sold by the payee to the defendant upon such date. Delivery of the horse was made sometime in December, 1909. A written bill of sale was delivered to the purchaser, including a guaranty as follows:
“We have this day sold the imported Belgian stallion, Bon Espoir de Solre No. 4072 (31720) to G. W. Grigsby, of Madrid, Iowa, and we guarantee the said stallion to be a satisfactory sure breeder, provided the said stallion keeps in as…
2Cases cited18 opinions
- McNight v. ParsonsSupreme Court of Iowa · 1907
- Arnd v. AylesworthSupreme Court of Iowa · 1909
- National Bank of North America v. KirbyMassachusetts Supreme Judicial Court · 1871
- Ireland v. ScharpenbergWashington Supreme Court · 1909
- Iowa National Bank v. CarterSupreme Court of Iowa · 1909
13 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Connelly v. Greenfield Savings BankSupreme Court of Iowa · 1921
- In Re Estate of WorkSupreme Court of Iowa · 1930
- Waukee Savings Bank v. JonesSupreme Court of Iowa · 1916
- National Bank of Decorah v. RobisonSupreme Court of Iowa · 1925
- German American National Bank v. KelleySupreme Court of Iowa · 1918
9 more not listed; retrieve them via the Exa API.