Peale v. Addicks

Citations

• 174 Pa. 549
• 34 A. 203
• 1896 Pa. LEXIS 923

Syllabus

<p>Promissory notes — Defenses—Taking note after maturity.</p> <p>A person who takes a bill or note after it is due, takes it subject to all objections in respect of want of consideration or illegality, and all other objections and equities affecting the instrument itself and to which it was liable in the hands of the person from whom he takes it.</p> <p>In an action upon a promissory note against an indorser, where the plaintiff’s statement shows that the plaintiff received the note after maturity, an affidavit of defense is sufficient which avers that the defendant indorsed the note as an accommodation to plaintiff’s assignor, and to enable him to raise money upon the note at his bank, and that defendant received no consideration for his indorsement.</p>