Thomson v. Koch

Citations

• 62 Wash. 438
• 113 P. 1110
• 1911 Wash. LEXIS 723

Syllabus

<p>Usury — Discounting Commercial Paper — Bills and Notes — Negotiability. The discounting of a “wheat” note obligating the maker to grow and deliver certain wheat, is not usurious, within Rem. & Bal. Code, § 6250, providing that the discounting of “commercial” paper, shall be considered as a loan within the usury laws; since it is not commercial paper, within Rem. & Bal. Code, §§ 3392, 3396, providing that an instrument to be negotiable must be payable in money without any promise to do any additional act.</p> <p>Bills and Notes — Negotiability—Indorsement. The indorsement of a nonnegotiable “wheat” note, operates merely as an assignment and' does not make the assignor liable thereon.</p> <p>Usury — Discounting Paper — Liability op Borrower — Statutes. The discounting of a note, which was originally free from the taint of usury, is not usurious where no recovery was sought against the assignee and he did not. render himself liable thereon, within Rem. & Bal. Code, § 6250, providing that the discounting of commercial paper where the borrower makes himself liable as maker, guarantor, or indorser, shall be considered as a loan within the usury laws.</p> <p>Usury — Defenses—Usurious Transfers. The usurious discounting of a note and mortgage is no defense to a suit by the transferee against the maker.</p> <p>Appeal —Review—Cross-Appeal —Necessity. The respondent having failed to appeal from a judgment in favor of appellant for costs, error therein cannot be' corrected on affirming the judgment against appellant.</p>