Field v. Tibbetts
Supreme Judicial Court of Maine
On exceptions. Writ op entry on a mortgage, dated Oct. 24,1866, and given by the defendant to one Coffee, to secure a negotiable promissory note, of the same date, for one hundred dollars, payable to Coffee or order, “in monthly payments of five dollars each, at the expiration of each and every month from the date ” thereof, “ and interest.”
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On exceptions. Writ op entry on a mortgage, dated Oct. 24,1866, and given by the defendant to one Coffee, to secure a negotiable promissory note, of the same date, for one hundred dollars, payable to Coffee or order, “in monthly payments of five dollars each, at the expiration of each and every month from the date ” thereof, “ and interest.” The plaintiff read the mortgage and an assignment thereof to himself, dated Dec. 24, 1866, duly acknowledged and recorded; and also the note which was duly indorsed by the payee at the date of the assignment of the mortgage. The defendant offered to prove…
1Opinion of the CourtWalton, J.
We think the note must be regarded as dishonored at the time it was indorsed to the plaintiff (4 Allen, 562), and was therefore subject to the defense of a want or failure of consideration. But we do not think the fact, that it was then overdue, subjected it to the defense that it was given in part for intoxicating liquors. The effect of our statute is that such a defense shall not extend to negotiable paper in the hands of any holder for a valuable consideration, and without notice of the illegality of the contract. This protection is not limited to such holders as take the paper before it…
2Cited by4 opinions
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