160 Ky. 813 | Ky. Ct. App. | 1914
Opinion of the Court by
Modifying the original opinion, and overruling the petition for rehearing.
So much of the original opinion as holds that Section 2515 of the Kentucky Statutes, in so far as it applies to negotiable notes placed upon the footing of bills of exchange, is no longer in force, is withdrawn. But
In each of the cases of German National Bank v. Zimmer, 141 Ky., 401, and Stephens v. Gregg, 89 Ky., 461, the notes had been placed upon the footing of bills of exchange by negotiation before their maturity, and in each case their enforcement was sought by such third parties; while in this case the note has never been negotiated and is sought in this action to be enforced by the original payee therein. The distinction between them and this case is so apparent as not to call for elaboration.
This view leaves in force the five-year statute as to negotiable notes placed upon the footing of bills of exchange by being negotiated before their maturity, and leaves in force the fifteen-year and the seven-year statute as to all negotiable notes in the hands of the original payee.
To the extent indicated the former opinion is modified, and the petition for rehearing is overruled.