Shannon v. Universal Mortgage & Discount Co.

As to the first cause of action contained in the petition, it is conceded that the Negotiable Instruments Code does not control the situation shown by the facts in this case, although Section 8300, General Code, may be said to be nearest applicable. The same provides: “In any case not provided for in this division, the rules of the law merchant shall govern.”. While counsel have presented the question, of the right to receive oral testimony to vary the terms of the implied contract arising upon the indorsement of a promissory note, the record discloses that the trial judge in fact did receive…