Coulson v. Stevens

Citations

• 122 Miss. 797
• 85 So. 83

Syllabus

<p>1. Alteration of Instruments. Unauthorized alteration hy stranger does not invalidate note.</p> <p>A promissory note is not invalidated because of the unauthorized alteration thereof by a stranger thereto.</p> <p>2. Alteration of Instruments. Unauthorized alteration of note may he ratified hy owner.</p> <p>An unauthorized alteration of a promissory note may be ratified by the owner thereof, or by his duly authorized agent. .</p> <p>3. Principal and Agent. Agent authorized to accept and collect note could not alter it or ratify alteration.</p> <p>Authority in an agent to 'alter or to ratify an alteration by another of a promissory note belonging to his principal cannot be implied from authority expressly granted to him to accept the note for his principal, to pledge it as security for debt, and to collect it when due.</p> <p>4. Principal and Agent. “Implied authority.” of agent defined.</p> <p>An agent’s “implied authority” is that only which is proper, usual, and necessary to the exercise of the authority expressly granted.</p> <p>5. Bills and Notes. Partial failure of consideration is defense pro tanto.</p> <p>A partial failure of the consideration of a promissory note can be pleaded by the maker as a defense pro tanto when sued thereon by the payee.</p>