First National Bank v. Shue
Michigan Supreme Court
Error to Bay; Maxwell, J. Assumpsit by the First National Bank of Niles against John Shue and Hattie E. Shue upon a promissory note. From a judgment for plaintiff for less than the amount claimed, it brings error. This is a suit upon a promissory note dated August 22, 1894, for $85, payable to J. C. Newman or order, at the Second National Bank, Bay City, made by the defendants, who are husband and wife. The note is indorsed in blank on one end by J. C. Newman.
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Error to Bay; Maxwell, J. Assumpsit by the First National Bank of Niles against John Shue and Hattie E. Shue upon a promissory note. From a judgment for plaintiff for less than the amount claimed, it brings error. This is a suit upon a promissory note dated August 22, 1894, for $85, payable to J. C. Newman or order, at the Second National Bank, Bay City, made by the defendants, who are husband and wife. The note is indorsed in blank on one end by J. C. Newman. On the opposite end of the back of the note is the following: “If one-half of this note is paid when due, an extension of six months…
1Opinion of the CourtGrant, C. J.
(after stating the facts). The court below instructed the jury that plaintiff could recover only the amount actually due upon the note, and that it could not recover for that part of the note for which there was no consideration “until it acquired the whole property, *562and became a bona fide purchaser,” This is the sole question presented by the plaintiff, and on which it seeks a reversal of the case. The court was in error. A party receiving negotiable paper, before due, as a collateral security to a loan then made, without notice of any infirmity in the note, is a bona fide holder, and will…
2Cases cited4 opinions
- Railroad Co. v. National BankSupreme Court of the United States · 1880
- Wierengo v. American Fire InsuranceMichigan Supreme Court · 1894
- Williams v. KeyesMichigan Supreme Court · 1892
- Helmer v. Commercial BankNebraska Supreme Court · 1890
3Cited by3 opinions
- First National Bank & Trust Co. v. DolphMichigan Supreme Court · 1938
- Pinconning State Bank v. HenryMichigan Supreme Court · 1932
- Pensacola State Bank v. MeltonDistrict Court, W.D. Kentucky · 1913