Bostwick v. Dodge
Michigan Supreme Court
Error to Lenawee Circuit Court. Dodge sued Bostwick in the court below in assumpsit upon a promissory note made by the latter, payable to Samuel F. Hooper or order, who endorsed it before maturity to the plaintiff below, in payment of a debt due to him from Hooper.
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Error to Lenawee Circuit Court. Dodge sued Bostwick in the court below in assumpsit upon a promissory note made by the latter, payable to Samuel F. Hooper or order, who endorsed it before maturity to the plaintiff below, in payment of a debt due to him from Hooper. On the trial, the defendant below offered to prove that the note was given for bills of the Farmers Bank of Sandstone; — that the bank was a fraudulent institution, never legally organized; and that the bills were entirely worthless when he received them and gave the note. The plaintiff’ below having objected to this evidence, it…
1Opinion of the CourtRansom, C. J.
The single question presented by this case is, whether the holder of a note or bill, transferred to him before maturity, in payment of an antecedent debt, shall be deemed to have received it for value, in the usual course of trade, and entitled to recover its amount of the maker, or acceptor ; or, whether he merely succeeds to the rights of the endorser, and holds the paper subject to all the equities which may have existed between the original parties.
That the holder of negotiable paper, who acquires it without consideration, or for consideration, if overdue, or who has notice when he…
2Cited by6 opinions
- Thompson v. Village of MecostaMichigan Supreme Court · 1901
- Central Savings Bank & Trust Co. v. StotterMichigan Supreme Court · 1919
- Schloss v. FeltusMichigan Supreme Court · 1895
- Hanold v. KaysMichigan Supreme Court · 1887
- Maynard v. DavisMichigan Supreme Court · 1901
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