O'Callaghan v. Sawyer

.Per Curiam. The set-off ought to have been received. The note had long been due and dishonoured, when it was indorsed; and the point has been too long settled, and too repeatedly recognised, to require any discussion now, that the indorsee took the note, subject to all the equity, and to every defence which existed against it, in the hands of the original payee. (2 Caines, 372. 1 Johns. Rep. 319. 3 Term Rep. 80.) The judgment below must be reversed. Judgment reversed,