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Northwestern National Insurance Co. v. Maggio

976 F.2d 320, UCC Rep. Serv. 2d 808 (1992)

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Northwestern National Insurance Co. v. Maggio

United States Court of Appeals for the Seventh Circuit
976 F.2d 320, UCC Rep. Serv. 2d 808 (1992)

SH

Facts

Anthony Maggio (defendant) purchased a limited partnership and, as consideration for his partnership interest, issued the partnership a noninterest-bearing note for $55,000, maturing October 31, 1990. Through a series of negotiations, Northwestern National Insurance Co. (plaintiff) purchased the note in 1988 at a 50 percent discount. Maggio refused to honor the full amount of the note when it matured, and Northwestern subsequently filed suit to collect. The district court entered judgment for Northwestern after finding that it was a holder in due course and had therefore acquired the note free of any defenses by Maggio. Maggio appealed.

Rule of Law

Issue

Holding and Reasoning (Posner, J.)

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