First National Bank v. Greathouse

Citations

• 114 Kan. 903
• 220 P. 1053
• 1923 Kan. LEXIS 317

Syllabus

<p>SYLLABUS by the court.</p> <p>1. Promissory Note — Assigned by an Innocent Holder — Assignee’s Knowledge of Infirmities — Note Free from All Infirmities. Rule followed that when a negotiable promissory note has been indorsed and transferred in due course to an innocent holder, an assignee under him takes it free of all infirmities, although such assignee may know of infirmities which originally inhered in it.</p> <p>2. Same — A plaintiff in possession of a negotiable promissory note which has once passed through the hands of an innocent holder can maintain an action on it whether his possession is by virtue of ownership or merely for the purpose of collection.</p> <p>3. Same — Instructed Verdict for Plaintiff Proper. Under the facts narrated in the opinion, an instructed verdict in favor of plaintiff was proper.</p>