Smith v. Harper

Citations

• 5 Cal. 329
• 1855 Cal. LEXIS 130

Syllabus

<p>Where the holder of a note accepts a draft or check in payment, he is not hound to give up the note before payment of the draft or check.</p> <p>The substitution of a new security will discharge an indorser.</p> <p>The surrender of a note is prima fade evidence of its payment.</p> <p>But where a note was delivered to the maker long before it became due, upon his giving the holder an order on the indorsers, which was dishonored, and thereupon it was returned to the holder, it did not operate as a payment.</p>