Express Provision Concerning Negotiability. Phelan v. Phelan is the only case which has been found on the subject of bills and notes decided during the survey period. It was a suit in equity on a note in the sum of $4,000 made on April 10, 1954, by R. E. Phelan and payable to W. 0. Phelan on September 15, 1954. The note provided that it was "non-negotiable and non-transferable."
The payee, W. 0. Phelan, filed a bill to recover a decree on this note against R. E. Phelan, the maker, who, in turn, filed an answer pleading as a set-off against the note a loan of $250 he had made complainant years before and also a car note in the sum of $1976 made by W. 0. Phelan and payable to R. E. Phelan. The trial court allowed the set-off and rendered a decree in favor of complainant for the difference.
S. B. Gilreath,
Bills and Notes--1958 Tennessee Survey,
11 Vanderbilt Law Review
Available at: https://scholarship.law.vanderbilt.edu/vlr/vol11/iss4/12