The Fargo forum and daily republican., 1913-03-17

he expressly exempted himself from
all liability both as an endorser and
as gnarantor OF the solvency OF the
paper The note, however, still had
his name endorsed thereon, though 1t
Is not shown whether either he or d.
was aware of the fact. ID. then sold
the note. with others, having a face
value OF $1,000, to T., for $50, both
OF the latter transfers being by deliv-
cry only. AT the time of the transfer
B told r. that the notes were not
worth anything; and r. did not know
that BIS name was on the back of the
particular note In question, nor, on the
other hand, did he know that any
dividend had been paid thereon.
though he did know that the makers
assets had been turned over to
trustee for the benefit of his creditors.
He also testified that the letters p and
l. were on said note when purchased
by him and that he was aware of
their commercial meaning. 1t was also
proved that both d. and F, realized.
from their purchases as a whole, more
than they had paid therefor. Held.
that f. was not a purchaser in due
course of negotiable paper.
3. A note payable on demand Is due
within a reasonable time after it's
date. ... ~. ..... ..
4. A note which is payable on de-
mand and Is purchased over a. year
after its date will be considered to
have been overdue when so purchased.
5. In the case of an endorsement or
transfer of a negotiable instrument
after it's dishonor or maturity, and
where the consideration passing be-
tween the endorsee and his endorsor
Is not equal to the amount Of the pa
per, the endorsee in an action against
the endorsor can recover only the con-
sideratton he has actually paid.
6. The warranty of the seller, un-
der section 5428 r. c. 1905, which pro-
vides that: "One who sells or agrees
to sell an instrument purporting to
bind anyone to the performance OF an
act thereby warrants the instrument
to be what 1t purports to be and to be
binding according to its purpose upon
all parties thereto, and also warrants
that he has no knowledge Of any facts
which tend to prove 1t worthless,
such as the insolvency of any of the
parties thereto, when that is material,
the extinction Of its obligations or its
invalidlty for any cause" is not q
of an endorsor but war
ranty to the vendee merely, which
does not run with the paper.
(Syllabus by the court.)
Appeal from q judgment Of the dis
trict court of Grand Forks county,
].
Affirmed.
Opinion by Bruce, J,
Geo. A. Bangs and Geo. r. Robbins,
Grand Forks, for appellant; Bangs,
Cooley & Hamilton, Grand Forks, for
State Of North Dakota, plaintiff and
VS.. Pat Kelly and John
Murphy, defendants and appellants.
Defendants were convicted of a mis-
demeanor and appeal, assigning as err
ror that they had not been given a
day after arraignment within which
to plead or demur.
Held that defendants have not
brought themselves within the provi-
sions of Secs. $3.50, 1890 and 1896, r.
c. 1905, having made no seasonable
request for time TO plead.
(Syllabus by the court.)
An appeal from the county court of
Ransom county, Thomas, J.
Affirmed. Opinion by Goss, j.
T. A. Curtis, states attorney Of Lis
bon, attorney for the state; Rourke &
Kvello, Of Lisbon, attorneys for de-
PENDANTS and appellants.