Rogers v. Gallagher

Citations

• 49 Ill. 182

Syllabus

<p>1. Bills of exchange—discounted by acceptor before maturity—does not lose its negotiability—and if re-issued—endorsers are liable. The principle is well settled, that a bill of exchange, discounted by the acceptor before maturity, does not lose its negotiability, and if re-issued by the acceptor, before it falls due, to a stranger who takes it in good faith, and for a valuable consideration, the parties whose names appear on the bill as endorsers, are liable to the holder, the same as if it had not passed through the hands of the acceptor.</p> <p>2. Same—what considered a sufficient consideration for the transfer by the acceptor. And in such case, where the party to whom the bill is re-issued, takes the same on account of indebtedness of the acceptor to him, such indebtedness constitutes a sufficient consideration to support the transfer.</p>