Petillon v. Noble

Citations

• 73 Ill. 567

Syllabus

<p>1. Assignee before maturity. A failure of consideration, in whole or in part, constitutes no defense to promissory notes in the hands of an innocent purchaser for value before maturity, to whom they are indorsed by the payees.</p> <p>2. Same—right of purchaser as to security. The indorsement by the payee of a promissory note, secured by a chattel mortgage, before maturity, carries with it as an incident to the debt the mortgage, but this is so only in equity, and the purchaser, acquiring only an equity in the mortgage, takes it subject to any defense the mortgagee may have as to the notes, the same as in the hands of the assignor.</p>