89 Wis. 390 | Wis. | 1895
The appellant contends that Black is not a. bona fide holder before due of the note in suit; and consequently that there can be no recovery on it, because it is. accommodation paper. He says, in brief, that, if it be held.
We do not decide the question whether the transferee of accommodation paper must be a bona fide holder before due in order to recover upon it. Conceding this to be the case, we think that the facts show the plaintiff to be such a holder. We regard the plaintiff’s liability as accommodation indorser upon the three notes which he indorsed as a continuous liability, beginning when he indorsed the first note, and ending when he paid the last one. The debt represented by the note was never paid. The second and third notes were simply renewals and not payments. There was never a moment after the plaintiff’s first indorsement when he was not liable-for the payment of the entire debt. There was no hiatusf no time when it could be said that his liability was at an end. True, there was a change in túne when it fell due, but. his agreement to pay Lappen’s debt in case happen did not pay it remained the same, without break or change in essential character, continuously from first to last.
Now, if the plaintiff had received the collateral note in suit after his indorsement was made and his liability fixed,,
By the Court.— Judgment affirmed.