Whitney National Bank v. Cannon

Citations

• 52 La. Ann. 1484

Syllabus

<p>Syllabus.</p> <p>1. Where, after its maturity, the maker of a promissory note 'indorses upon it “Payment of this note extended to * * *” (a fixed date) and signs his name, and thereafter negotiates said note under circumstances which Justify the belief that he contemplated that the holder would put it in circulation as a live, unmatured, negotiable instrument, and such note is put in circulation, and is acquired, in good faith, for value, by a third person, without notice of equities between +he original parties, and before the maturity fixed by the endorsement, it would be against good conscience to allow such maker to escape the obvious and intended consequence of his own deliberate acts, and thereby to impose a loss upon such third person, who has dealt upon the faith of the representations so made.</p> <p>2. Where the indorsement in such case bears no date, it will be presumed, in favor of^such innocent third holder, that it was made before the maturity of the note.</p>