JURITEXT000006956713 Généré par l'IA

Holder v. Subsequent Signatory: Good Faith Acquisition of Promissory Note Over Prior Default

Numéro de cause JURITEXT000006956713

Autorité / Tribunal Cour de cassation

Juridiction

France (FR)

Date de la décision 1961-03-20

Issue du litige Rejeté (Dismissed)

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Synthèse Legislator

Généré par l'IA

A person who had signed a promissory note with another individual, after the latter had already defaulted on a previous obligation to a third party, was later sued for the full amount by the holder of the note, who was aware of the underlying transaction and the initial default; the court rejected the appeal, affirming that the subsequent signatory, having been fully aware of the nature and validity of the debt when endorsing the note, could not subsequently invoke the defense of novation or illegality related to the original obligation against the current holder who had acquired the instrument in good faith.

Regeste Legislator

Généré par l'IA

Holder v. Subsequent Signatory: Good Faith Acquisition of Promissory Note Over Prior Default: A person who had signed a promissory note with another individual, after the latter had already defaulted on a previous obligation to a third party, was later sued for the full amount by the holder of the note, who was aware of the underlying transaction and the initial default; the court rejected the appeal, affirming that the subsequent signatory, having been fully aware of the nature and validity of the debt when endorsing the note, could not subsequently invoke the defense of novation or illegality related to the original obligation against the current holder who had acquired the instrument in good faith.