Overdue

A bill, note, bond, or other contract for the payment of money at a particular day, when not paid upon the day, is overdue. The indorsement of a note or bill overdue is equivalent to drawing a new bill payable at sight; Bishop v. Dexter, 2 Conn. 419; A note when passed or assigned after it is overdue, is subject to all the equities between the original contracting parties; Nevins v. Townsend, 6 Conn. 5; Cumberland Bk. v. Kami, 18 N. J. L*.

222; Byles, Bills 100.

Tlie transferor’s legal title passes and maturity acts as notice of such equities; see Fisher v. Leland, 4 Cush. (Mass.) 450, 50 Am. Dec. 805. The creation of a better title than that of the transferor is prevented; 4 B. & C. 330; Northampton N. Bk. v. Kidder, 100 N. Y. 221, 12 N. E. 577, 00 Am. Rep. 443; where live out of nine successively maturing notes were transferred after their maturity, it was held that a counterclaim for breach of warranty by the payee could be set up against them all; Rowe v. Scott, 28 S. D. 145, 132 N. W. GIF).