Promissory Note Transferred After Maturity Subject to Pre-Existing Defenses

A dispute arose concerning a promissory note transferred to a third party after the maturity date, where the debtor alleged the note was extinguished by novation with the original creditor, and the third-party holder sued for payment. The court held that the transfer of a promissory note after its due date subjects the instrument to the general rules of law regarding the assignment of claims, meaning the debtor can validly assert against the endorsee any defenses, including the extinction of the debt by novation, that were available against the assignor (the original creditor) at the time the assignment occurred.