[DOWNLOAD] "Sumter County State Bank v. R. S. Hays and R. M. Hays" by Supreme Court of Florida # Book PDF Kindle ePub Free

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eBook details

• Title: Sumter County State Bank v. R. S. Hays and R. M. Hays
• Author : Supreme Court of Florida
• Release Date : January 09, 1914
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 65 KB

Description

WHITFIELD, J. -- The bank brought an action on a promissory note for $500.00 made and endorsed by R. S. Hays and R. M. Hays to the Florida Consolidated Canning Company who endorsed the note to plaintiff bank. The pleas were (1) that the defendants did not execute and deliver the note; (2) that the note was given for stock subscribed for and to be issued by a corporation thereafter to be organized as the Consolidated Canning Company, the condition being that a canning plant of a stated capacity per day be built and equipped at Webster, Florida, within a time limit; that the company be organized within three months from a stated day, and that in the event said company should not be organized within such time, said subscriptions to stock were to be cancelled; that ""thereupon defendants, upon the sole consideration"" of the premises made and delivered the note; ""that at the time of the endorsement and delivery of said note to the plaintiff, it had actual notice of the conditions upon which the said note was made, and that the conditions were broken, and the plaintiff is not a holder in due course, and the consideration for the note has wholly failed."" It is not necessary to set out other pleas seeking to raise somewhat similar issues. Demurrers to all the pleas except the first were overruled. A replication to the second plea alleges that the plaintiff purchased the note immediately after the execution thereof, and long prior to its maturity, in good faith and in the usual course of business, for full value, and the plaintiff had no notice or knowledge of any breach of the executory contract which was the consideration for which the note was given. A demurrer

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