Best v. Nokomis National Bank

Citations

• 76 Ill. 608

Syllabus

<p>1. Promissory note—payee in possession may sue notwithstanding indorsement. The payee of a promissory note may, although he has written an assignment on the back of it, maintain an action thereon in his own name. The possession of the note in such case is prima facie evidence tha-t he is the liona fide holder of it, and he may strike out any a'ssignment written upon it by him.</p> <p>2. Same—assignment for collection does not pass the legal title. Where an assignment by the payee upon a bill or draft is shown to have been for collection merely, and for no other purpose, it will not transfer the title so as to defeat an action thereon in the name of the payee.</p> <p>3. Bill—consideration. Where a bill is drawn payable to a bank, for the accommodation of a third person, who discounts the same to the bank, in the usual course of trade, the drawer can not defend on the ground that he received no consideration for the same, when sued by the bank.</p>