Shreeves v. Allen

Citations

• 79 Ill. 553

Syllabus

<p>1. Assignee before maturity—subject to what defense. Where a person takes an assignment of a promissory note before due, for a valuable consideration, and is not guilty of bad faith, even though he may be guilty of gross negligencee, he will hold it by a title valid against the world, and it will not, in his hands, be subject to the defense of failure of consideration.</p> <p>2. Same—bad faith must be proved, to deprive an assignee of the character of a bona fide holder. Mere negligence on the part of an assignee of negotiable-paper, is not sufficient to deprive him of the character of a bona fide holder. Proof of bad faith, alone, will deprive him of that character.</p>