Johnston v. Josey

Citations

• 34 Tex. 533

Syllabus

<p>1. A delivery by A. of a note payable to him or bearer suffices of itself to . transfer the ownership, if made with that intention, and authorizes the transferree to bring suit in his own name against the maker; and as between A. and his transferree, such a transfer, when made,is an executed contract, and the consideration on which it was made is an immaterial question in a suit brought by the transferree against the maker. In such a suit, therefore, it was error to permit the maker to prove that the transfer was based upon Confederate money, and to instruct the jury that the plaintiff could not recover if Confederate money was the consideration which he paid for the note.</p> <p>2. The transferree of a note payable to bearer brought suit in his own name against the maker, who was allowed, over objections by the plaintiff, to prove by the original holder that when he sold the note to the plaintiff, the latter agreed that he would take Confederate money from the maker in payment of the note, provided payment should be made immediately on presentation. Meld, that the admission of this evidence was error, because the promise was on a condition never performed, and also because it was without any consideration to support it.</p> <p>3. In the absence of proof to the contrary, the law will presume that a transfer by delivery of a note drawn to bearer, and payable at a future day, was made before maturity of the note ; and, therefore, in such a case, the note would not, in the hands of the transferree, be subject to offsets held by the maker against the original payee.</p>