Kelly v. Ford
Supreme Court of Iowa
Appeal from the Jones District Court. Suit on two negotiable promissory notes, for $250 each, dated February 5, 1852j and payable one in one year and tbe other in two years from date, given by defendant to one P. Byam, and assigned to plaintiff April 10, 1852. The 1 defence was, that the notes were obtained by fraud: that the consideration for which they were given had failed ; and that the plaintiff was not a Iona fide holder of the notes, but '■ that they are still the…
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Appeal from the Jones District Court. Suit on two negotiable promissory notes, for $250 each, dated February 5, 1852j and payable one in one year and tbe other in two years from date, given by defendant to one P. Byam, and assigned to plaintiff April 10, 1852. The 1 defence was, that the notes were obtained by fraud: that the consideration for which they were given had failed ; and that the plaintiff was not a Iona fide holder of the notes, but '■ that they are still the property of Byam, the payee, and held ; by plaintiff as agent and trustee for him, plaintiff having paid^/ no consideration…
1Opinion of the Court
Stockton, J.-
-The execution of the notes sued on was admitted by defendant. Upon him, however, devolved the burden of showing that they were obtained by fraud, and were without consideration; and that the plaintiff was not a bona fide holder thereof for a valuable consideration, without notice of the alleged fraud or want of-consideration between the maker and payee. The defendant avers in his answer, that the notes were given for an interest in the Parker water wheel, assigned to plaintiff, by Byam, the payee of the notes; that Byam had represented that he owned and had the exclusive right…
2Cases cited2 opinions
- Vallett v. ParkerNew York Supreme Court · 1831
- Morton v. RogersCourt for the Trial of Impeachments and Correction of Errors · 1835
3Cited by8 opinions
- Clapp v. County of CedarSupreme Court of Iowa · 1857
- Trustees of Iowa College v. HillSupreme Court of Iowa · 1861
- Lake v. ReedSupreme Court of Iowa · 1870
- Union National Bank v. BarberSupreme Court of Iowa · 1881
- Lathrop v. DonaldsonSupreme Court of Iowa · 1867
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