Jay v. Reed

Citations

• 56 Ill. 130

Syllabus

<p>1. Assignee beeobe maturity, with notice—smhject to defense of tmvry. Where a promissory note is given for an usurious consideration, and the payee indorses it to a party having notice of that fact, the usury is a good defense to the note as to such assignee -without regard to the time of his ownership.</p> <p>2. Second assignee, after maturity. And a second assignee of the note, after maturity, must take it subject to the equities which properly attach thereto between the maker and the first assignee.</p>