The Law of Negotiable Instruments : Statutes, Cases And Authorities
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The verdict and judgment were in favor of the plaintiff, and the defendants appeal.
Bean, J. * * * -pj^g ^^-^^ points of real importance on this appeal are: (1) Whether the indorsement, being on its face "for col- lection and return " to the payee, vested plaintiff with such a title as will enable him to maintain an action thereon in his own name ; and, if so, (3) whether the court erred in admitting parol testimony tend- ing to show that plaintiff was in fact the owner of two-sevenths of the n...ote, and. in instructing the Jury that, if such was the case, any settlement with the payee or assignee subsequent to the date of the indorsement to plaintiff would be no defense as against plaintiff's two-sevenths.
The indorsement of a promissory note by the payee with the words " for collection," or the like, is not strictly a contract of indorsement, but rather the creation of a power, the indorsee being the mere agent of the indorser to receive and enforce payment for his use. The title to the note and the proceeds thereof remain in the payee, and he may maintain suitable actions and proceedings to enforce his right.
What to read after The Law of Negotiable Instruments : Statutes, Cases And Authorities?
You can find similar books in the "Read Also" column, or choose other free books by Huffcut, Ernest W. (Ernest Wilson), 1860-1907 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The verdict and judgment were in favor of the plaintiff, and the defendants appeal.
Bean, J. * * * -pj^g ^^-^^ points of real importance on this appeal are: (1) Whether the indorsement, being on its face "for col- lection and return " to the payee, vested plaintiff with such a title as will enable him to maintain an action thereon in his own name ; and, if so, (3) whether the court erred in admitting parol testimony tend- ing to show that plaintiff was in fact the owner of two-sevenths of the n...ote, and. in instructing the Jury that, if such was the case, any settlement with the payee or assignee subsequent to the date of the indorsement to plaintiff would be no defense as against plaintiff's two-sevenths.
The indorsement of a promissory note by the payee with the words " for collection," or the like, is not strictly a contract of indorsement, but rather the creation of a power, the indorsee being the mere agent of the indorser to receive and enforce payment for his use. The title to the note and the proceeds thereof remain in the payee, and he may maintain suitable actions and proceedings to enforce his right.
What to read after The Law of Negotiable Instruments : Statutes, Cases And Authorities?
You can find similar books in the "Read Also" column, or choose other free books by Huffcut, Ernest W. (Ernest Wilson), 1860-1907 to read onlineMoreLess
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