Poorman v. D. O. Mills & Co.

Citations

• 35 Cal. 118

Syllabus

<p>Certificate of Deposit a Promissory Note.—A certificate issued by a bank or other depositary to the depositor of money on general deposit, stating the fact of the deposit and that it is payable to the depositor or order on demand, or on return of certificate properly indorsed, is a promissory note.</p> <p>Promissory Note—Effect of Indorsement in Blank.—Where a promissory note is indorsed in blank the title and right of action pass by delivery, and the note is payable to the bearer.</p> <p>Idem—Rights of Holder.—The holder of a promissory note indorsed in blank, may write over the indorsement, “ Pay to the order of (the holder),” which has thé effect of an indorsement of the note in full, in the hands of a bona fide holder.</p> <p>Idem—How Receivable in Evidence.—As the change from a blank to a full indorsement of a note is formal merely, it need not be made ; and so a note indorsed in blank is admissible in evidence in support of an allegation that the note was indorsed to the plaintiff by the payee.</p> <p>Idem.—Proof of the indorsement of a promissory note is necessary to entitle it to admission in evidence, unless waived when the indorsement is offered in evidence.</p> <p>Pleading.—In an action on a promissory note by an indorsee, the fact of the indorsement only need be pleaded to show title in the plaintiff, and an averment in the answer that the plaintiff is not the legal owner or holder of the note, is but a legal conclusion, and raises no issue of fact; and so an averment in the complaint, that plaintiff is the owner and holder of the note and entitled to receive the money due thereon, presents no issuable fact, and will be treated as surplusage.</p> <p>An Agent may Maintan Action on Promissory Note.—An agent who has received a promissory note by indorsement holds the title as against all parties thereto, except the principal, and may maintain action thereon in his own name.</p> <p>Presumptions.—The presumption is that the indorsee of a promissory note is