Woodsum v. Cole

Citations

• 69 Cal. 142
• 10 P. 331
• 1886 Cal. LEXIS 641

Syllabus

<p>Promissory Note — Transfer after Maturity— Title of Transferee. — The transferee of a promissory note, after its maturity, is not an indorsee in due course of business, and does not acquire an absolute title thereto, so that it is valid in his hands, notwithstanding a defect in the title of 'the transferer.</p> <p>Id.—Action by Holder—Ownership and Right of Possession—Evidence. — To entitle the holder of a promissory note to maintain an action thereon, he must be the legal owner, and have the right of possession, and his ownership must be sufficient to protect the maker from a subsequent recovery against him.' In such an action, the defendant may show that the plaintiff paid no consideration for the note and is not the legal owner of it.</p> <p>Id.—Estoppel—Evidence.—On a review of the evidence, held, that the defendant was not estopped to dispute the ownership of the note by the plaintiff.</p>