Norment v. First Nat. Bank

Citations

• 23 N.M. 198
• 167 P. 731

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Prior to the enactment of chapter 15, Laws 1917, upon the entry of final judgment in the district court, the court lost all further jurisdiction over the same, and could not, upon motion for new trial or otherwise, change or modify the same. For this reason no question concerning the findings and conclusions which might have been raised by exceptions or proposals or other findings and conclusions prior to the entr'y of the judgment can be considered here. P. 202</p> <p>2. Where the maker of a note assures a bank that his note to a third party is “all right,” and he requests the bank to make a loan to said third party, and he takes said note as collateral security therefor, and the bank relying upon the Representations, makes the loan and takes the note as collateral security, the maker cannot afterwards be heard to say that consideration for the note has failed, or that the bank had notice that the consideration might fail by reason of the possible non-performance of an executory contract by a third person. P. 203</p> <p>3. While it is true that one who takes a note of a corporation in payment of the debt of its officer’ is put upon inquiry as to the authority of the officer to negotiate the note, still the note is not void, but merely viodable, cat the instance of the corporation. Until the corporation disavows the obligation, it does not lie in, the mouth of a party whose note has been placed as collateral security for the corporate note to complain and to attempt to make a defense for the corporation which it does not elect to make for itself. P. ’204</p>