Lee v. Field

Citations

• 9 N.M. 435
• 9 Gild. 435

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>Promissory Note — Accommodation—Payment—Purchase—Actions— Defense — Evidence.—1. A purchaser of a note overdue takes it subject to all defenses which may be shown against his assignor who acquired it at maturity by paying the money due to the holder.</p> <p>2. A bond of indemnity against loss executed by a third person to an accommodation maker of the note is an equitable and not a legal defense, and.is not properly pleadable or shown in evidence in an action at law upon the note under the common system brought by the holder who acquired the paper when it was overdue from the obligor-</p> <p>3. Payment by a stranger to a promissory note of the money due to the holder without any agreement, express or implied, to purchase the same extinguishes the note.</p> <p>4. It was error to exclude evidence tending to show whether when a note is presented for payment the transaction was payment or purchase of the note.</p> <p>5. Whore a stranger pays the money due on a note at maturity to the-holder, it is necessary in order to constitute a purchase that there bean agreement express or implied on the part of the holder to sell and on the part of the purchaser to buy.</p>