A Treatise On Commercial Paper And the Negotiable Instruments Law : Including the Law Relating to Promissory Notes, Bills of Exchange, Checks, Municipal Bonds, And Other Negotiable And Nonnegotiable Instruments ...

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holder. De Witt v. Perkins, 22 Wis. In New York the rule is as stated 473. in the text. Central Nat. Bank v> 84. Usurious rate of discount, etc. — Valentine, 18 Hun (N. Y.), 417; Hart V. Adler, 109 Ala. 467, 19 South. Dykeman v. Northbridge, 80 Hun 894; Carlisle V. Hill, 16 Ala. 398. But (N. Y.), 258, 30 N. Y. Supp. 164, a party who purchases notes at a where it was held that evidence large discount of a broker to whom that the proceeds of a note by they are made payable is not affected the cas
...hier of a bank, against an ac- by usury, if he is ignorant of the fact commodation indorser, were deposited that they were sold to raise money to the " cashier account," is insuffi- for the maker. Sherman v. Blackman, cient to constitute the bank a holder 24 111. 347 ; Nicholson v. Nat. Bank for value, the money being still in the of New Castle, 92 Ky. 251, 17 S. W. possession of the bank.
§ 54. Holder pok Value. .307 bank, on the strength of such credit, has relinquished securities in its possession or made advances to or paid the checks of the payee, it becomes a holder for value.** d.


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