25 Wis. 544 | Wis. | 1870
The circuit court seemed to suppose that, in subsequent decisions, this court had intimated a doubt as to the correctness of the decision in Crosby v. Roub, 16 Wis. 616, and that, until the principle of that case was re-affirmed, the inferior courts were at liberty to treat the question there decided as an open one. This certainly is a misapprehension, so far as the views of the members of this court are concerned. We have not intended, in any subsequent cases, to cast a doubt upon the soundness of the decision in Crosby r>. Houb; neither have we deemed it necessary to re-affirm that case, whenever it has been criticised or commented on in the discussions at this bar. True, since that decision was rendered, the supreme court of the state of Iowa has had occasion to pass upon the same question as there presented, and that court reached 'a different conclusion. That court held that the transfer
But it is said by the counsel for the respondent, that the evidence in the case shows that the plaintiff is not a holder of the note and mortgage for value, not having received them in the due course of business and paid a valuable consideration therefor. The plaintiff himself testifies upon this point, that he purchased the note and mortgage of his brother, Frederick Bange, prior to the year 1858, paying him seventy-three cents on the dollar therefor, in money, or passing that amount in credits upon his books, on a running account between him and Ms brother. In other words, it seems that the plaintiff,
It was further insisted that the evidence in the case shows that the note and mortgage were obtained and put in circulation by false and fraudulent representations made to the maker by the agents of the railroad company ; and this being so, it is claimed that the rule is well settled that the plaintiff can recover no more than he paid for the securities, and the interest on that amount. The plaintiff purchased the note an4 mortgage prior to 1858, paying about seventy-three cents on the dollar. The purchase was absolute, and the entire amount which may be recovered on the securities belongs to him. He must be regarded as having taken them in the usual course of business, without knowledge of any equities existing between the original parties, and paying what certainly was a fair and valuable consideration for paper which would not become due until January 1, 1864. In the case of accommodation paper, or where a note has
By the Court. — The judgment of the circuit court is reversed, and the cause remanded, with directions to enter judgment for the plaintiff for the amount due.