26 Pa. 259 | Pa. | 1856
The opinion of the court was delivered by
Frederick Gaul, the defendant below, loaned his note to William 0. Rudman, for the purpose of enabling the latter to raise money by the sale of it. The note was drawn in the usual form of negotiable instruments, and expressed on its face to have been given for “value received,” although there was in fact no debt due from Gaul to Rudman. Rudman endorsed the note, and sold it to Drexel & Co. They, in turn, disposed of it to • Benjamin B. Willis, at a discount equal to 1J per cent, per month. Neither Drexel & Co. nor Willis had any knowledge of the purpose for which the note was given. They had a right to put faith
Judgment affirmed.