71 Iowa 264 | Iowa | 1887
I. While the abstract shows that Winch, the payee and indorser of the notes in suit, was joined as a defendant with the makers, it fails to show what disposition of the action was made as to him. The other defendants, Norman & Williams, answering the petition, admit the execution and indorsement of the notes, and allege as defenses that the notes were given without consideration, and are usurious, having been given for the amount of interest accruing upon other notes at the rate of fifteen per centum per annum, and for no other consideration. They further allege that the notes have been paid; and, as another defense, show that the notes at the time of their execution were delivered, under an agreement between the makers and payee, to another party, to be delivered, upon specified conditions, to the payee, but, in violation of their conditions, the payee, Winch, obtained possession of the notes, and wrongfully assigned them to plaintiff without consideration. The plaintiff, in reply to the answer, denies the fraud, usury,and other matters of defense set up therein, and alleges that she is the innocent holder of the notes, under indorsement thereof made before their maturity. She further alleges that, before the notes were transferred to her, Norman made representations, which were communicated to her before she purchased the notes, to the effect that they were all right, and would be paid at maturity, and, relying on these representations, plaintiff purchased them; wherefore she claims that defendants are estopped to deny the validity of the notes. Other matters appearing in the pleadings upon which the case was tried, and in other pleadings withdrawn, need not be further mentioned.
Affirmed on defendants’ appeal. Reversed on plaintiff’s appeal.