City National Bank v. Gunter Bros.

Citations

• 67 Kan. 227
• 72 P. 842
• 1903 Kan. LEXIS 236

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>Promissory Note — Negotiability. Embodied in a promissory note was the provision: “The makers and indorsers hereby severally waive protest, demand, and notice of protest and nonpayment, in case this note is not paid at maturity, and agree tc all extensions and partial payments before or after maturity without predjudiee to holder.” Held, that the note was not negotiable.</p> <p>2. Chattel Mortgage —Defense in Replevin. When suet note is secured by a mortgage on cattle and the note and mortgage are transferred by the payee to another, after which the cattle are sold by the mortgagor and the price thereof transmitted to, and received by, the original payee of the note, without notice to the purchaser of the transfer of the same, such purchaser can make the same defenses against an action of the transferee for the possession of the mortgaged cattle as he could have made if the action had been brought by the original payee and mortgagee.</p>