Risley v. Gray

Citations

• 98 Cal. 40
• 32 P. 884
• 1893 Cal. LEXIS 857

Syllabus

<p>Promissory Note—Failure of Consideration—Purchase of Mine—False Bepbesentation as to Value—Transfer of Note after Maturity—Defense.—Where the maker of a note executed it in consideration of the sale to him of an interest in a mine, the purchase of the interest in the mine being made upon the false representation of the maker, and the mutual agreement and understanding between the maker and payee that the mine was worth more than the amount paid for it, whereas, in fact, it was of no value whatever, the note is without consideration, and a purchaser of the note at a sheriff’s sale after its maturity takes it subject to the defense of a failure of consideration.</p>