Savage v. Laclede Bank

Citations

• 62 Miss. 586

Syllabus

<p>Bill of Exchange. Action of indorsee against acceptor. Set-off. Section 1124, Code 1880.</p> <p>Under $ 1124 of the Code of 1880, the acceptor, when sued upon a bill of exchange by the last indorsee thereof, cannot set off against the same an account acquired against an intermediate indorser while the bill was held by the latter. This statute, which gives the defendant sued upon “ any such assigned bill of exchange the benefit of all set-offs had against the same previous to notice of the assignment, as though the suit had been brought by the payee,” has reference only to set-offs against the party with whom the defendant dealt.</p>