Reports of the Decisions of the Supreme Court of Iowa

Reports of the Decisions of the Supreme Court of Iowa

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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. 1840 edition. Excerpt: ...well be urged that the maker of a bond should have the privilege of executing an instrument which would not be assignable in such a manner as to prevent him without hazard from making a payment to the obligee at any time before he received notice of the assignment. Our statute however, declares otherwise. The fourth section of the act in relation to promissory notes, already mentioned, leaves no doubt on the subject, if the first section of that act were not sufficiently explicit. It declares that if any such note, bond, bill, or other instrument of writing shall be endorsed before the day the money or property therein mentioned became due and payable, and the endorsee shall institute an action thereon, the defendant may give in evidence at the trial any money or property actually paid on the said note, &c., before the same was endorsed or assigned to the plaintiff, by proving ih-al the plaintiff had sufficient notice of the siadpuyriwit before hz accepted or received-such endorsement. This section fully negatives the position that the assignee is bound to give notice of the assignment to the obligor before the obligee's right to receive payment is cut off. The obligor can only set up such payment in his defence by proving that the plaintiff had sufficient notice of the same before the note was assigned No notice of this kind seems to have been proved in the present case, and the payment as garnishee is not distinguishable in this respect from an ordinary payment. The maker of a negotiable instrument cannot be made liable on a garnishee process unless that instrument has become due and is shown to be then in the possession of the defendant in the suit. The decision of this point obviates the necessity of examining the others. more

Product details

  • Paperback | 70 pages
  • 189 x 246 x 4mm | 141g
  • United States
  • English
  • black & white illustrations
  • 1236911911
  • 9781236911919