Colthurst v. Lake View State Bank Of Chicago

18 F.2d 875 (8th Cir. 1927)

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Nature of the Case

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Facts

Lake View State Bank (P) filed suit to collect on a note as a holder in due course, for value, and without notice of any defense thereto. In answer, it was charged that the note was procured by fraud. At trial, P testified that they had purchased the note on 2-20-19 for $3,234.67 from the then holder, VanBuskirk to whom the note had been endorsed by a prior indorsee and that it had no knowledge of any defenses existing in favor of the maker of the note. The trial judge then directed D to produce evidence that P was not a holder in due course and any evidence to show that the note was obtained by fraud. The trial court excluded such evidence in the form of the Buskirk Letters and then directed a verdict for P. This appeal ensued.