Procedural Posture
Defendant debtors appealed a judgment from the Superior Court of Los Angeles County (California), which held in favor of plaintiff bankruptcy trustee on a promissory note.
Overview: local business lawyer
Defendants contended that the findings were insufficient to sustain the judgment against them and that the evidence of the trustee's ownership of the note was insufficient. The challenged findings were that all of the allegations of the complaint were true, that the contrary allegations in the debtors' answer were untrue, and that a defense, based upon the misrepresentations of the original holder of the note, was not supported by the evidence. The court denied relief. If a finding adopted was equivalent to an adverse finding upon an issue, more specific findings upon the subject were unnecessary. Moreover, the debtors could not raise on appeal for the first time the question of uncertainty in the findings or that they were not sufficiently explicit. The contention that evidence of ownership was insufficient lacked merit. The mere possession of a negotiable instrument by the indorsee, or by the transferee if no indorsement was necessary, imported prima facie that he was the lawful owner and that he acquired it before maturity, bona fide, for value, in the usual course of business, and without any circumstances impeaching its validity.
Outcome
The court affirmed the judgment.
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