Andrews v. Fidelity Loan & Trust Co.

Citations

• 103 Va. 196
• 48 S.E. 884
• 1904 Va. LEXIS 27

Syllabus

<p>1. Negotiable Note — Purchaser for Value — Notice of Equities. — Where there has been a total failure of the consideration of a negotiable note, which was transferred before maturity for value, but it appears that such holder had notice of every fact affecting the transaction as between the original parties to the note at the time of the transfer, such holder is affected by all the equities existing between the original parties at that time. In the case at bar, the transferree knew the note was given for a deferred payment on a lot purchased of the then holder of the note; that there was a prior lien on the lot for much more than its value, which such holder was endeavoring to get released, and that unless it was released there would be a failure of the consideration of the note, and under these circumstances acquired title to it.</p>