McKenzie v. Smith

Brazelton made a note to McKenzie, who indorsed it as an accommodation indorser. The note was discounted by Brazelton with the vice-president of a bank. On the day of maturity Brazelton induced Smith, in consideration of $100, to take up the note, it having been left by Ottley at the bank for collection. Smith paid the money to the teller of the bank and had the note surrendered. It was not marked “Paid.” .Brazelton assured Smith that he would pay the note in the near future, but no definite time was fixed. Smith sued Brazelton and McKenzie on the note. Brazelton did not defend. McKenzie…