The Superior times. [volume] (Superior, Wis.) 1870-1912, 1899-05-20

company in the habit OF selling
! chiuery and taking notes therefor, aud then
| dtScUuntlug the same at the bank, WAS not
| equivalent TO actual notice Of the lurrmity
| attaching to this particular note. Ibid.
| IN lkMlI1. Where au accommodation
! Endorsement was made for IL specific pur-
! pose ana the note was negotiated by the
maker Ia violation OF the agreement with
| the indOrser, the holder cannot recover IN
| less he took the note in good faith for u
| valuable consideration, without notice of
| Wis 20g.
When the general manager of bank tax
| ing an instrument as collateral shortly after
! its execution, took the acknowledgement Of
mortgage securing the paper, and had fun
! knowledge Of the iucapacIIy Of the maker.
| this IS notice to the bank. The transaction
bt4LS Il recent one che transfer being
| eleven days after execution the bank was
| bound, though the notice was gained in an
| other transaction. Brothers V. Bank 81
is. Isl, 80.
| Il seems that where A makes his note
| payable to y or bearer, and procures 4 to
| sign it for his Accommodation. ana for the
| purpose Of enabling him to negotiate said
! note 10 y, and afterwards A uegoIiates it
| IN fact to for the payment OF different
| Cebt, this IS q fraud upon b, which II
| known 10 Y when he took the noJe, will
| prevent a recovery thereon against Il. Ibid.
| INTEREST DUE. A prOlumlssOry note
natures only when, by It's terms, the
| principal becomes due; and one who pur-
/ Sh"ses II IA good Ialth Tor value, before
| maturity, IS within the protection of the
| law merchant, although Interest is overdue
| az the time Of such purchase. Boss '.
| Hewitt u Wis. 2Cy followed: and Il dictuIn
| in Hart V. Stickuey. Il Wis. go overr,lleti.
l Kelly Y Whitney ct al. Is Wis. 10. Pae;sz-
| WHAT NOT A PURCHASE 4 promis-
| sorry mole for Seas Is had been obtained by
| the payee through fraud The plaintiff
| Claimed 70 be bonn hde purchaser before
! its maturity. The misunderstanding among
| other things, that the sale. il any, 10 the
| piaintlh was made only ten days before the
| nole became due at discount OF over so.
! ana that the pdyee iudOrseu the note: that
| the plaintiff, who knew nothing ana did
| ID a. l.
| lty Of the makers, directed that there
| should be no protest to c-urgc the pJyre as
! anu that after the transfer the business
! NttsL respect 10 the note was done by agents
| q lHe pay tt,-lS held to sustain a finding
| bF the trial court that the note was never
! ~ Tact transferred to the plaintiff, and that
! the, Payee is SOM he owner thereof. Smith
| = Lockwood, 50 Wis. 49,
! ,LlSPENDENS Does not affect a pur-
! chaser and Is not constructive notice. KEEL
/ lO-E y. IauChcr. - Wis. y.
USUAL COURSE OF BUSINESS. This
| means according 10 the customs and uses
! 81 The law merchant without anything I'M
! usual on the face uf the paper or mode OF
j traAsier a transfer from a receiver,
! slgEoc IN insolvency, etc, is not in due
| course. Am. ana Eng. Eucy. 80.
/ section i"'b-25. Nheu an instrument pay
| able on demand is negotiated an uure1-
! soA#bte length Of time after It's issue, the
/ holder is LuL deemed holder in due course.
/ N2II-I-uCh case necessarily depends
/ upon lis own facts and circumstances. The
! question Of reasonable time is purely one
/ OF TACT Am. and Eng. Ency. Z4o, z49.
/ See see. Ibl5.ahOye.
/ ceiyvs notice of amy iunrmijy in the iuStru-
/ Mcut or defect III the title Of the person
/ negotiating the same before he has paid
/ therefor III" luii amount agreed 10 be paid
| he Will be deemed a holder In due
| course only to the extent Of the amount
NOTE Where a bank discounts a note
/ and carries the proceeds TO the credit Of the
+! Iador~er. who does not draw out the money.
I - a lV Il ma