Page:Federal Reporter, 1st Series, Volume 8.djvu/15

CASES �AEGUED AND DETERMINED ���tN THE ���IRtttea ^Mt& e'mmt mi BiMti (Simm. ���The Waynesyille Nat. Bank v. Irons. {Circuit Court, 8. D. Ohio. June, 1881.) �NbgotiabipE Papke— Peima I'acib EvmENCE. �in actions upon negotiable paper, the production of it by the plaintifE, with proof of the genuineness of the signatures and of the indorsements, entitles the plaintifC, without any additional evidence, to recover the full amount thereof , with interest, unless the defendants make out some satisfactoiy de- fence. �Bamb — Want of Authoritt to Nbgotiate— Ratification— Cobpobation — �BecRETART— TUBASUBEK — EsTOPPBL — ACCOMMODATION MakBEB. �Action upon negotiable paper, made by I. and others for the accommodation of, and payable to, the M. V. Ry. Co., and indorsed in blank by the railway Company. Defence : that it was negotiated without the authority or consent of the railway company. Held, (1) if the note, having previously been in- dorsed in blank by the railway company, was delivered to the plaintifl by W., assuming to represont the railway company in the transaction, and in consid- eration thereof the plaintill paid to W. the amount thereof, less the discount, or, at W.'s request, paid an equivalent amount of the railway company's obli- gations, so that the railway company in fact received the value thereof, and the transaction was reported by W. to the secretary of the company, and by him to ita treasurer, and the company has continued ever since to enjoy the beneflt of the proceeds of said discount, without any ofCer to return the con- sideration, then the railway company is not entitled to set up the defence upon which it relies ; (2) if the title of the plaintiS, in this respect, is sufflcient as against the railway company, it is equally valid as against the accommodation makers. �v.8,no.l— 1 ��� �