125 Ga. 41 | Ga. | 1906
(After stating the facts.) A bona fide holder of a negotiable promissory note, receiving the same before due, for value, is protected against a plea of failure of consideration. “The holder” of a negotiable promissory note “is presumed to be such bona fide, and for value; if either fact is negatived by proof, the defendants are let in to all their defenses; such presumption is. negatived by proof of any fraud in the procurement of the note.” Civil Code, §3696. “Fraud in the procurement of the note” means fraud in its procurement by the holder thereof, and has no reference to fraud in the contract out of which the note arises. Pate v. Allison, 114 Ga. 651, and cit. The defendants in the present case admitted they executed the note sued on, and that the plaintiff was