(Download) "Humphrey v. Pannell" by Mississippi Supreme Court " eBook PDF Kindle ePub Free
eBook details
- Title: Humphrey v. Pannell
- Author : Mississippi Supreme Court
- Release Date : January 16, 1998
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 67 KB
Description
Non-negotiable Promissory Notes — Assignment — Consideration — "Indorsers" — Liability of Assignor — Ratification — Instructions — Abstract Propositions of Law. Non-negotiable Promissory Notes — Lack of Consideration a Defense. 1. The holder of a non-negotiable promissory note is not a holder in due course, and therefore lack of consideration is a defense in an action thereon. Same — Evidence — Theory of Case. 2. Where an action to recover on a non-negotiable promissory note was brought and tried on the theory of defendants liability as an indorser, plaintiff was bound by that theory and was therefore properly refused permission to show on rebuttal that defendant was a guarantor. Same — Assignment — Assignor Disclaiming Interest in Note — Ratification — Proper Refusal of Instruction. 3. Where the evidence in an action on an assigned non-negotiable promissory note showed that defendant bank, sought to be held as indorser, upon ascertaining that its former cashier had negotiated a loan for plaintiff in its name disclaimed any interest therein and caused an assignment of the mortgage securing the note to be made to plaintiff, an offered instruction on the subject of ratification was properly refused. Same — Instructions Based on Negotiable Instruments Law Inapplicable. 4. Instructions based upon the provisions of the Negotiable Instruments Law offered in an action on a non-negotiable note were properly refused as inapplicable. Same — Payee Assigning Note not "Indorser" in Absence of Special Agreement. 5. In the absence of a special agreement to that effect, one who signs his name on the back of a non-negotiable note is not an indorser in the sense that term is used in the Negotiable Instruments Law; hence an instruction in the language of section 8470, Revised Codes of 1921, that a person who places his signature upon an instrument otherwise than as maker, drawer or acceptor is deemed to be an indorser, was inapplicable in an action on such a note. Same — What Insufficient to Fasten Liability of Indorser upon Assignor. 6. The mere fact that a non-negotiable instrument assigned by the payee bank to plaintiff for the purpose of enabling him to bring suit thereon, contained the provision that the makers and indorsers waived protest, etc., without anything further to indicate that the bank intended to be held as an indorser within the meaning Page 550 of the Negotiable Instruments Law, was insufficient, to fasten the liability of such an indorser upon it. Instructions — Abstract Propositions of Law — Submission Improper. 7. The submission of abstract propositions of law in instructions to the jury without any attempt to connect them with the evidence or rules laid down in other paragraphs of the charge is improper.
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