New York Court of Appeals April 1, 1873 (McKnight v. Devlin)

Allen, J.

The plaintiff became the owner of the notes in suit, with full notice of the defence now set up, and of the equities of the defendant, and is not, therefore, entitled to the protection accorded to bona fide holders of negotiable paper. The notes were subject to the same defences in his hands that they would have been in the hands of the original payee. (Skilding v. Warren, 15 J. R.