Citizens Banking Co. v. Tootle

1. A bona fide holder of a negotiable promissory note, receiving it before due, for .value, is protected against the plea of failure of consideration. Johnson County Bank v. Roberts, 125 Ga. 42 (53 S. E. 808). The holder of a negotiable note is presumed to be such bona fide, and for value; if either fact is negatived,by proof, the defendants will be let into all of their defenses; such presumption is negatived by proof of any fraud in the procurement of the note. Civil Code, § 4288. “Fraud in the procurement of the note” must be fraud in its procurement by the holder thereof, and has no…