California Standard Finance Corp. v. J. D. Millar Realty Co.

This is a rehearing upon an appeal from a judgment on a promissory note in favor of the holder thereof in due course. It is contended the plaintiff took the note subject to. all defects of title since the complaint alleges that it was assigned to it and failed to allege the note was indorsed by the payee prior to maturity. It is also asserted the court erred in precluding the appellant from offering proof of plaintiff’s alleged knowledge of defect of title to the note for lack of consideration therefor.

The complaint, which was filed April 30, 1928, alleged that on September 27, 1927, for a valuable consideration, the defendant, J. D. Millar Realty Company, a corporation, made and delivered to the defendant, Hollywood Granite Company, Inc., its promissory note in the following words and figures:

The complaint further alleges that on the same date which the note bears, for a valuable consideration, the payee ‘ ‘ duly assigned, transferred and set over to the plaintiff herein all of its right, title and interest in and to said promissory note and plaintiff then became, and is now, the lawful owner and holder thereof”.

Separate answers were filed by the respective defendants. Upon…