53 Ind. App. 446 | Ind. Ct. App. | 1913
— This is a suit upon two bills of exchange, duly accepted by appellant, drawn by and payable to the North Bloomfield Hoop Company, Warren, Ohio, and discounted by it at the Union National Bank of said city. One of said bills of exchange is as follows:
“$500. South Whitley, Ind., Dec. 26, 1908.
After four months (120 days), pay to the order of North Bloomfield Hoop Co., Five Hundred Dollars, with exchange. Value received and charge to the account of North Bloomfield Hoop Co., W. A. Kilgore, Pres.
To South Whitley Hoop Co., So. Whitley, Ind.
Accepted and payable at the Farmers State Bank, South Whitley, Ind.
The South Whitley Hoop Co., J. W. Donaldson, Sec. and Mgr.
Deposit at Union Nat. Bank, Warren, Ohio. North Bloomfield Hoop Co., W. A. Kilgore, Pres.”
The appellant filed four paragraphs of answer, the first of which was a general denial, the second, want of consideration,the third averred facts to show that instruments sued on
The judgment of the lower court is therefore reversed with instructions to overrule the demurrer to the several paragraphs of special answer and for further proceedings not inconsistent with this opinion.
Note. — Reported in 101 N. E. 824. See, also, 7 Cyc. 595. As to the effect on negotiability of provision in note or bill calling for exchange, see 125 Am. St. 212. As to the negotiability óf a note payable “with exchange”, see 1 Ann. Cas. 385.