Otis Elevator Co. v. Ford

Citations

• 27 Del. 286
• 4 Boyce 286
• 88 A. 465
• 1913 Del. LEXIS 44

Syllabus

<p>1. Pleading—Motion for Judgment—Affidavit of Defense—Presumptions.</p> <p>In assumpsit on a note, where plaintiff moved for judgment on his affidavit of demand, the court will, for the disposition of the motion, consider as true all the allegations in defendant’s affidavit of defense.</p> <p>2. Bills and Notes—Actions—Set-Off—Bona Fide Holder.</p> <p>In an action on a note, the defense of recoupment and set-off may be urged between the immediate parties or their privies, but not against a bona ■ fide holder without notice.</p> <p>3. Bills and Notes—Bona Fide Holder—What Constitutes.</p> <p>A bona fide holder for value of negotiable paper is one who acquired title in the usual course of business, for a valuable consideration, in good faith, without notice of defenses or circumstances which should have put him on inquiry; formal notice of defects being unnecessary.</p> <p>4. Bills and Notes—Bona Fide Holders—Who Are.</p> <p>One who takes negotiable paper after maturity is not a bona fide holder, regardless of his lack of notice, but takes subject to every defense which could have been urged when the paper was in the hands of the original payee.</p> <p>5. Bills and Notes—Demand Paper—Maturity.</p> <p>A note payable on demand is considered as overdue and dishonored unless demand is made within a reasonable time; and consequently one who takes such paper after the lapse of a reasonable time is not a bona fide holder.</p> <p>6. Bills and Notes—Demand Paper—Reasonable Time.</p> <p>What constitutes a reasonable time for the maldng of a demand in case of demand paper depends upon the particular circumstances indicating the intention and understanding of the parties, and is usually a question of fact for the jury.</p>