192 Wis. 566 | Wis. | 1927
The trial court found that plaintiff was not a holder in due course, and probably the basis for such finding was due to the fact that the note was indorsed “Wisconsin Limestone Company” instead of West Wisconsin Limestone Company. The court’s finding in that respect was “That said note was indorsed on its back as follows: ‘Wisconsin Limestone Company, by George L., Jacques, Pres.,’ but the same was never indorsed or delivered by the payee therein named and said note was not complete and regular upon its face when taken by the plaintiff bank.”
There is no question but that the note was indorsed by
Since it is undisputed that the bank at the time it took the note was not aware of the omission of the word “West” on the indorsement and did not discover the fact till its attention was called to it on the trial, it cannot be said to be a suspicious circumstance that should have warned the bank against taking the note. Had the indorsement not in fact been sufficient to pass title it would be different, for a note payable to order must have at least an apparently valid indorsement to constitute one a holder in due course. 5 Uniform Laws Anno, 218 and note. Here the indorsement was valid, though irregular. Even the maker of the note may sign by mark, by abbreviation, by “village” for “city,” or by omission of suffix “Jr.” 8 Corp. Jur. 108. A note signed “Alexander Whalen” by James Whalen was held collectible against the latter upon proof that James Whalen adopted the name Alexander Whalen in signing the note. Jewett v. Whalen, 11 Wis. 124. See, also, sec. 116.22, Stats.
Dec. 30. Check $175. Overdraft $915.28.
Dec. 31. Deposit $1,000. Balance $84.72.
Dec. 31. Check $220. Overdraft $135.28.
This shows conclusively to our minds that the deposit of the note was made December 31st as claimed by plaintiff. The cashier testified that the deposit of $1,000 on December 31st was the note in question. Horrell, as has been stated, had no individual account at the bank, and when he made deposits the bank was authorized to credit the same to the Pedigreed Swine Association or to the Horrell Land Company, of each of which he was president and practical owner. The discharge of a pre-existing indebtedness was a good consideration for the note. Knox v. Clifford, 38 Wis. 651; 5 Uniform Laws Anno. 228.
The fact that the bank paid the full face of a note that was not due for nearly four months and bore no interest till due was claimed by respondent to be a suspicious circumstance. The cashier testified that Horrell was heavily indebted to it in addition to the overdraft, that he was not then considered
The oral testimony as to conditions of delivery was inadmissible as against a bona fide holder in due course. Knox v. Clifford, 38 Wis. 651.
By the Court. — Judgment reversed, and cause remanded with directions to enter judgment for plaintiff according to the demand of the complaint.