The Law of Negotiable Paper; Containing the Text of the Uniform Negotiable Instruments ACT with Questions, Problems and Forms Volume 2

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1911 edition. Excerpt: ...Boyden & Son, paid $1300 for the note, acquired it before maturity and had no notice of any altera-8. Uniform Negotiable Instruments Act, Sec. 125. M. Mwritt T. Boyden, 191 Illinois Reports, 138. tion. The defense was based on two theories: (1) That the note as originally delivered contained the figures "$ioo" in the margin, and the words "one hundred dollars" in the body of the note, and that the figures "$ioo" were altered to read "$1300," and the word "one" before "hundred" was erased, and the word "thirteen" inserted in its stead; or (2) That the word "one" was not in the body of the note, but that there was a blank space in which the word "thirteen" had been inserted. The court in the course of its opinion said: "First, If the note was altered by (the first method) then the alteration amounted to a forgery and appellant is not liable on the note, even though appellees were bona fide purchasers thereof for value without notice or knowledge of the change. If the amount named in the note is raised by erasing what is written, such alteration is a material one, and the note is thereby vitiated so as to become void. Where a note is complete at the time when it is signed by the maker, its subsequent alteration by raising the amount thereof through obliteration of the same by the use of any chemical process, or other ingenious device, without the knowledge or consent of the maker, will discharge him from liability upon the note. (The court found this theory unsupported by the evidence.) "The second theory of the defense was that, when he signed and endorsed the note, there was a blank space before the word "hundred" and that this blank space was subsequently filled by inserting the word "thirteen" therein without the knowledge or consent of...