Historical Publishing Co. v. Hartranft

Citations

• 3 Pa. Super. 59
• 1896 Pa. Super. LEXIS 105

Syllabus

<p>Promissory note — Accommodation indorsement — Loan of credit.</p> <p>An accommodation indorsement of a negotiable promissory note is, prima facie, a loan of the indorser’s credit and it is no defense to an action by a bona fide holder for value to allege and show that as between the indorser and the maker the note was without consideration and that this was known to the indorsee; for to permiit this would defeat the purpose for which he loaned his credit.</p> <p>Promissory note — Accommodation indorsement — Sufficient defense.</p> <p>It is not a sufficient defense to an action against an indorser to allege that the indorsee has in his possession property of the maker upon which lie has a lien for this and other debts, and that he has obtained judgment against the maker fcr those debts. He has a right to hold on to all his securities until he obtains satisfaction.</p> <p>Promissory note — Notice of protest.</p> <p>Notice of protest being duly alleged it is not sufficient for an indorser to deny in his affidavit that he received such notice; he must go further and state such facts as will justify the inference that no notice has been given nor due diligence used.</p> <p>Practice, O. P. — Affidavit—Allegation and denial of notice.</p> <p>Where the question is whether notice of dishonor has been sent to the indorser, an affidavit of defense which positively avers that he never received notice of any kind, in anyway, or from any person, and also avers facts from which a jury would be justified in finding that he would have received notice if the plaintiff had used due diligence in sending it, is sufficient to prevent judgment.</p>