Schoen v. Houghton

Ptochasb ob Pbomissoby Note.—The jiarfcy who purchases a promissory note from the payee before it is due but after the payee has executed to the payor a release of the same, without knowledge of such release, is a bona fide holder, although he purchases for less than the face of the note and as a speculation, and although by the exercise of a little diligence he might have ascertained that the release had been given.