Christian v. . Parrott

Citations

• 19 S.E. 151
• 114 N.C. 215

Syllabus

<p>Note Under Seal — Negotiable Instrument- — Transfer before Maturity for Value — Defences.</p> <p>1. A bond negotiable in form and indorsed for value and without notice before maturity is to be regarded, so far as its negotiability is concerned and its liability to be governed by the commercial law applicable to promissory notes, as if it were a promissory note not under seal.</p> <p>2. The obligor in such a bond cannot set up the defence that prior to its transfer the payee agreed to release him from liability thereon.</p>