Bank of Morgan City v. Herwig

Citations

• 121 La. 513
• 46 So. 611
• 1908 La. LEXIS 702

Syllabus

<p>1. Bills and Notes — Accommodation Papes.</p> <p>The notes were signed as an accommodation to the maker, and accepted with some haste by the plaintiff, anxious to secure an indebtedness.</p> <p>This does not take the notes out of the category of ordinary commercial paper.</p> <p>[Ed. Note. — For cases in point, see Cent. Dig. vol. 7, Bills and Notes, §§ 563-569.]</p> <p>2. Same — Alleged Agreement.</p> <p>The contention that there was an agreement between plaintiff and the other parties to the notes, whereby the plaintiff obtained the indorsement for its own benefit and in order to be able to obtain a loan needed by it at the time the indorser signed, is not sustained by proof.</p> <p>3. Same — Consideration — Ordinary Commercial Paper.</p> <p>There was consideration for the notes, as between maker and the plaintiff.</p> <p>4. Same — Liability oe Indorser — In Possession oe Third Person.</p> <p>This is all that is needful to bind the indorser, where the paper is in every respect valid and binding between holder and maker, and the holder is in the position of ordinary holder of commercial paper transferred before maturity.</p> <p>5. Same — Defenses—Forbearance.</p> <p>There were no delays granted, and no such forbearance to sue as affords good ground of defense.</p> <p>6. Same — Relative to Validity.</p> <p>The notes were not prescribed.</p> <p>7. Same — Marginal Notes.</p> <p>Any one who signs negotiable paper should carefully read the paper, or have the same read to him.</p> <p>(Syllabus by the Court.)</p>