Trust Co. v. Markee

Citations

• 179 F. 764
• 1910 U.S. App. LEXIS 5432

Syllabus

<p>1. Bills and Notes (§§ 358, 379*) — Bona Pide Holders — Creditors,</p> <p>Under sections 25, 27, 29, art. 2, of the Missouri and Pennsylvania negotiable instruments acts (Laws Mo. 1905, p. 247 [Ann. St 1906, §§ 463— 25, 463 — 27, 463 — 29]; Act Pa. May 16, 1901 [P. L. 199]); mailing a preexisting debt a 'valuable consideration, providing that where a holder has a lien on the instrument he is deemed a holder for value to the extent of his lien, and making an accommodation indorser liable to a holder for value, accommodation indorsers are liable on a note transferred before maturity to a creditor as additional collateral security for a preexisting debt.</p> <p>[Ed. Note. — For other cases, see Bills and Notes, Cent. Dig. § 922; Dec. Dig. §§ 358, 379.*]</p> <p>2. Pledges (§58*) — Collateral Notes — Liability.</p> <p>Judgment is properly awarded against accommodation indorsers for the full amount of a note deposited with the holder as collateral security, though tliere have been payments on the original note; execution on the judgment being properly controlled to avoid injury to the indorsers.</p> <p>[Ed. Note. — For other cases, see Pledges, Cent. Dig. § 180; Dec. Dig. § 58.*]</p>