Bookmyer v. Davies

Citations

• 69 Pa. Super. 240
• 1918 Pa. Super. LEXIS 57

Syllabus

<p>Promissory note — Defense—Illegal rebate — Act of July 12,1918, P. L. 71fB — Insurance.</p> <p>Where the payee of a noninterest bearing promissory note endorses the instrument, at its face value before maturity, to an insurance broker in part payment of insurance premiums, the maker, in an action on the note by the broker, cannot defend on the ground that the transfer of the note in the premises was a rebate in violation of the Act of July 12, 1913, P. L. 745.</p> <p>In an action on a negotiable instrument, the defendant has no concern in the question of actual ownership, except where the defense turns upon points involving the personal conduct of the true owner, or those who preceded him. That is to say, the ownership is only important if the case involves equitable defenses as between the maker and payee. The maker of a note cannot rely on defenses personal to the endorser.</p>