Garvin v. Wiswell

Citations

• 83 Ill. 215

Syllabus

<p>1. County order—negotiable under the statute. An order issued by a county on its treasurer, payable to a person therein named on a day certain, is a negotiable instrument, under the statute, as much so as a promissory note.</p> <p>2. Assignment—when legal title passes by 'delivery. A county bond or order for the payment of money payable to bearer, is negotiable by delivery, without being indorsed, and the legal title will pass the same as a bank bill, by delivery.</p> <p>3. Same—when indorsement necessary. A county bond or order'payable to a person therein named, or bearer, can not be transferred so as to vest the legal title, except by indorsement of the payee, but the equitable title may pass by a sale and mere delivery.</p> <p>4. Promissory note—possession evidence of ownership. Possession of a note, bond or bill, unattended by circumstances which, in a reasonable mind, ought to excite suspicion or distrust, or put a party on inquiry, is prima facie evidence of ownership in the holder, and a purchaser from such a holder will be protected until his purchase is assailed by one who can establish a legal title to the instrument.</p> <p>5. Same—trover for note lost and found. If a negotiable instrument is lost, and found and put in the market, and purchased by one without notice of the facts, the holder of the legal title and owner, upon demand, may maintain trover for its value.</p> <p>6. Same—rights of equitable owner of lost note, as against an innocent purchaser from the finder. The equitable owner of a lost note or other negotiable paper, has no superior equities to those of an innocent purchaser for value in the market, and can not maintain any action against such purchaser.</p> <p>7. Negligence—upon whom loss must fall. Where one of two innocent parties is to suffer loss, it must fall upon the one first in fault. If, therefore, the equitable owner of a note loses the same, and it is found and put upon the market, and comes into the hands of an innocent and I