Scribner v. Hanke

Citations

• 116 Cal. 613
• 48 P. 714
• 1897 Cal. LEXIS 596

Syllabus

<p>Promissory Note—Consideration — Surrender of Note Executed by Another.—The surrender of a note executed by a different maker is a sufficient consideration to uphold a new note executed by other makers to the payee of the surrendered note.</p> <p>Id.—Indorsement—Value—Finding — Right of Action by Holder.— An indorsement of a note by the payee is sufficient, in the absence of evidence to the contrary, to sustain a finding that it was, for a valuable consideration, duly assigned and transferred to the plaintiff; and the plaintiff may maintain an action thereon, in his own name, as the legal owner and holder thereof, irrespective of consideration.</p> <p>Id.—Finding—Averment of Answer.—An averment in the answer of the defendant justifies a finding against him of the fact averred.</p> <p>Id.—Consistency of Findings—Consideration of Note—Accommodation Note.—A finding that a note of another person was surrendered in part consideration of a new note executed by two other makers, and another finding that the making of such note was for and on behalf of and as an accommodation to the maker of the surrendered note, who was a personal friend, are not inconsistent; the one finding merely showing the consideration yielded up by the payee on the making of the note, and the other finding showing the friendly relation which operated as an inducement for making a note in security for the debt of another.</p>