Railroad Reports Volume 10

Railroad Reports Volume 10

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1898 edition. Excerpt: ...bonds, nor to the coupons not overdue (2 Daniel, Neg. Inst. 3d Ed. par. 150(a; Tied. Com. Paper, 473), nor is it claimed that it would do so; the only claim made is that it affected the title of these two coupons. It may be conceded, also, as claimed by the defendant, that in taking these two overdue coupons the plaintiff took them subject to all defenses and equities which would have been available to the defendant against Henney. 2 Daniel, Neg. Inst. par. 1505; Tied. Com. Paper, par. 473. The defenses and equities which would have been thus available are confined to those which existed and attached to the coupons themselves in the hands of Henney at the time of the transfer, and do not include defenses and equities arising out of collateral transactions. Simpson v. Hall, 47 Conn. 417. In other words, the plaintiff took such title to the overdue coupons as Henney had to convey. "The indorsee of overdue paper takes it as a holder with notice that it is subject to some defense, for he takes it at a time when in due course it should have been paid. He therefore takes it subject to the defense (1) that it was affected in its inception with some inherent vice, as, for instance, fraud, illegality, or duress; or (2) that the consideration failed, or that payment had been made, or that there had been accord and satisfaction, at the time of the indorsement, or that there was some equi table defense arising out of the transaction in which the paper was given, which disabled his indorser in whole or in part. Any of these defenses is called an equity attaching to the instrument." 1 Daniel, Neg. Inst. par. 725a; Tied. Com. Paper, par. 295. The arrangement found to have existed between Henney and the defendant is that Henney...show more

Product details

  • Paperback | 328 pages
  • 189 x 246 x 18mm | 585g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236740459
  • 9781236740458