U.S. Supreme Court
King v. Doane, 139 U.S. 166 (1891)
King v. Doane
Argued November 14, 1890
Decided March 2, 1891
139 U.S. 166
ERROR TO THE CIRCUIT COURT OF THE UNITED
STATES FOR THE DISTRICT OF MINNESOTA
The mere renewal of a negotiable promissory note does not, as between the original parties, affect the essential nature of the transaction represented by it.
If, in an action by an endorsee against the maker of a negotiable promissory note, the note is shown to have been obtained by fraud, the presumption, arising merely from the possession of the instrument, that the holder in good faith paid value, is so far overcome that he cannot have judgment unless it appears affirmatively from all the evidence, whether produced by the one side or the other, that he in fact purchased for value.