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Vindamuri Guramma Vs. Kamalla Basavudu - Court Judgment

LegalCrystal Citation
CourtChennai
Decided On
Judge
Reported in1Ind.Cas.621
AppellantVindamuri Guramma
RespondentKamalla Basavudu
Excerpt:
negotiable instruments act (xxvi of 1881), section 53 - transfer of pro-note rights of transferee without consideration. - munro, j.1. the presumption is that the pro-note was made for consideration and as the defendants have not rebutted the presumption, as the district munsif finds, the result is that the pro-note must be taken to be supported by consideration. it is payable to the payee on his order. the payee was, therefore, a holder in due course. he transferred it to the plaintiff who, by the transfer acquired his rights. vide section 53 of the negotiable instruments act. the decree is, therefore, reversed, and the plaintiff will have a decree with costs throughout for rs. 145-3-3 with interest on the principal at 15 per cent per annum from date of suit till this date and further interest on the aggregate thus adjudged at 6 per cent per annum from this date till payment.
Judgment:

Munro, J.

1. The presumption is that the pro-note was made for consideration and as the defendants have not rebutted the presumption, as the District Munsif finds, the result is that the pro-note must be taken to be supported by consideration. It is payable to the payee on his order. The payee was, therefore, a holder in due course. He transferred it to the plaintiff who, by the transfer acquired his rights. Vide Section 53 of the Negotiable instruments Act. The decree is, therefore, reversed, and the plaintiff will have a decree with costs throughout for Rs. 145-3-3 with interest on the principal at 15 per cent per annum from date of suit till this date and further interest on the aggregate thus adjudged at 6 per cent per annum from this date till payment.


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