Showell v. Barr

Citations

• 228 Pa. 42
• 76 A. 718
• 1910 Pa. LEXIS 428

Syllabus

<p>Promissory notes — Affidavit of defense — Failure of consideration.</p> <p>1. In an action upon promissory notes where the plaintiff is the indorsee of the payee and took the notes after maturity, and the statement does not aver that the plaintiff is a holder in good faith and for value, and that at the time the notes were negotiated he had no notice of any infirmity in the instrument, an affidavit of defense is sufficient which avers failure of consideration caused by certain acts of the payee in violation of his express agreement inducing the execution of the notes, and that the notes were “ put into the hands of plaintiff under a collusive arrangement to assist the payee in collecting them contrary to the defendant’s rights.”</p> <p>Promissory notes — Patent rights — Corporations—Act of April 12,1872, P. L. 60.</p> <p>2. Promissory notes given in payment for the stock of a corporation to which the payee of the notes has assigned patent rights, are not within the contemplation of the Act of April 12, 1872, P. L. 60.</p>