Williams v. Duke

Citations

• 125 Wash. 250
• 215 P. 372
• 1923 Wash. LEXIS 994

Syllabus

<p>Bills and Notes (71, 73-6)—Transfer—Title of Bona Fide Purchasers—Defenses—Set-off or Counterclaim. Where a bank, holding notes of a customer, sold and delivered them before maturity in good faith and for value, and not as security, to another bank, the latter is a bona fide purchaser; and notwithstanding the latter held other collateral of the payee bank in excess of all its liabilities, the customer is not entitled, on the insolvency of the payee hank, to offset his deposits against the notes; since the payee bank had no further interest in them; in view of Hem. Comp. Stat.,- §§ 191 and 266, providing against set-off against negotiable paper assigned before maturity.</p> <p>Equity (37)—Maxims. Where there is a positive law denying the right of set-off against negotiable paper in the hands of a bona fide purchaser, equity follows the law and cannot be appealed to.</p>