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56 Mo. 309

Bennett v. Torlina

Supreme Court of Missouri

Decided March 15, 1874

Supreme Court of Missouri · decided 1874-03-15

<p>1. Sills and notes — Innocent holder — Consideration—A negotiable note in the hands of an innocent purchaser for value before maturity is protected from all inquiry into the consideration.</p>

Decided 1874-03-15

Adams, Judge,

¶1delivered the opinion of the court.

¶2This was an action on á negotiable promissory note, brought by the plaintiffs as indorsees for value before maturity, against the defendants as prior indorsers.

¶3The only material point raised by the record is, whether the defendants could impeach the consideration'of the note without first introducing evidence conducing to prove that the plaintiffs were aware of the alleged failure of consideration.

¶4The defendants set up as a defense a total failure of consideration. The court refused to permit them to inquire into the consideration without first proving that the plaintiffs had notice or information sufficient to put them on inquiry of the alleged infirmity in the consideration of the note at the time they made the purchase.

¶5The doctrine, that a negotiable note in the hands of an innocent holder for value is protected from all inquiry into the consideration, is too familiar to be seriously discussed, or maintained by the citation of authorities. It formé the very basis of the free circulation of all commercial paper, and I am not aware that it has ever been doubted by'any respectable court.

¶6Let the judgment be affirmed;

all the judges concui’.
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