Merchants National Bank v. Branson
Supreme Court of North Carolina
Appeal by defendant from Lane,tJ., at January Term, 1914, of Guilford. Action to recover $600, tbe amount of one of two notes given in the purchase of a Perdieron horse.
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Appeal by defendant from Lane,tJ., at January Term, 1914, of Guilford. Action to recover $600, tbe amount of one of two notes given in the purchase of a Perdieron horse. Defendant pleaded that the note was obtained by the fraud of the payee, Maywood Stock Farm Importing Company, which had indorsed it “without recourse” to the plaintiff, with other notes of a like kind aggregating $35,285.62,'as collateral to secure loans made and to be made by the bank to the payee, the said importing company. The fraud was admitted by the plaintiff, and the sole question is, whether the plaintiff was a…
1Opinion of the Court
Walkek, J.,
after stating the case: The fraud in the execution of the note being admitted, the burden was' cast upon the plaintiff to show that he was a holder in due course, which means that the instrument was taken under the following circumstances: (1) That the instrument is complete and regular upon its face; (2) Tha.t be became the bolder of it before it was overdue and without notice tha.t it bad been previously dishonored, if such was the fact; (3) That be took it in good faith and for value; (4) That at the time it was negotiated to' him, be bad no notice of any infirmity or defect in…
2Cases cited15 opinions
- Vosburgh v. . DiefendorfNew York Court of Appeals · 1890
- Evans v. Freeman.Supreme Court of North Carolina · 1906
- Thorp v. MindemanWisconsin Supreme Court · 1904
- American National Bank v. FountainSupreme Court of North Carolina · 1908
- Kelley v. WhitneyWisconsin Supreme Court · 1878
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3Cited by17 opinions
- McLean v. PaddockNew Mexico Supreme Court · 1967
- Caldwell v. RoachWyoming Supreme Court · 1932
- Clark v. Laurel Park Estates, Inc.Supreme Court of North Carolina · 1929
- McCoy v. Wachovia Bank & Trust Co.Supreme Court of North Carolina · 1933
- Walter v. . KilpatrickSupreme Court of North Carolina · 1926
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