American Funding Corp. v. Pennington

Citations

• 107 Miss. 10
• 64 So. 845

Syllabus

<p>1. Bills and Notes. Action by indorsee. Right of recovery. Defenses. Bona fide purchasers.</p> <p>Where a purchaser of land gave his note for the purchase price under a contract providing that when the purchase price was paid in full the vendor should execute a full warranty deed to the purchaser, it was not necessary for the bona fide endorsee of said notes to tender a deed in order to obtain judgment on the same.</p> <p>2. Bills and Notes. Defenses. Bona fide purchaser. Burden of proof.</p> <p>In a suit on such notes by the indorsee the burden of proof was on the maker to establish that he has equities or defenses to the notes and that the endorsee has due notice thereof.</p>