The chief peculiarity of a negotiable contract, therefore, is its effect in the hands of a bona fide holder, who may enforce the negotiable instrument free from all defenses which could have been made against the original payee, except those hereinafter discussed.1 Thus fraud in the inducement," duress,3 ultra circs, where the contract might under some facts be within the power of the corporation, but under the facts of the particular case is not,4 want of authority in the agent indorsing the instrument if under the circumstances apparent he might have had power to indorse,5 the date of execution,6 that the instrument though delivered was not to go into effect until signed by additional securities,7 want of consideration,8 indorsement in blank by a prior holder for collection,9 usury,10 gambling,11 that the note was given to an unlicensed physician for professional services,1" or was given to a foreign corporation which has not complied with the law authorizing it to do business in that state,13 fraud against the creditors of the maker,14 or discharge as by failure of consideration,15 payment,10 or a contract by a prior holder with the maker giving an extension of time which would release sureties as to such holder,17 are defenses none of which can be interposed as against a bona fide holder for value. So if a negotiable instrument payable in legal effect to bearer is stolen after delivery, it is valid in the hands of a bona fide holder.18

2 Lamson v. Beard, 94 Fed. 30; 45 L. R. A. 822; Helena National Bank v. Telegraph Co., 20 Mont. 379; 64 Am. St. Rep. 628; 51 Pac. 829; Gerard v. McCormick. 130 N. Y. 261; 14 L. R. A. 234; 29 N. E. 115; Greenville v. Ormand, 51 S. C. 58; 64 Am. St. Rep. 663; 39 L. R. A. 847; 28 S. E. 50; Gregg v. Groes-beck, 11 Utah 310; 32 L. R. A. 266; 40 Pae. 202.

3 Brown v. Pettit, 178 Pa. St. 17; 56 Am. St. Rep. 742; 34 L. R. A. 723; 35 Atl. 865.

4 National Park Bank v. Warehouse Co., 116 N. Y. 281; 5 L. R. A. 673; 22 N. E. 567.

5 Lockwood v. Tate, 96 Ala. 353; 11 So. 406; Griffith v. Shipley, 74 Md. 591; 14 L. R. A. 405; 22 Atl. 1107; National Citizens' Bank v. Ertz, 83 Minn. 12; 85 Am. St. Rep. 438; 53 L. R. A. 174; 85 N. W. 821; Canajoharie National Bank v. Diefendorf, 123 N. Y. 191; 10 L. R. A. 676; 25 N. E. 402; Goshen National Bank v. Bingham. 118 N. Y.

349; 16 Am. St. Rep. 765; 7 L. R. A. 595; 23 N. E. 180; Hiekson v. Early, 62 S. C. 42; 39 S. E. 782.

6 Shirk v. Neible, 156 Ind. 66; 83 Am. St. Rep. 150; 59 N. E. 281; Galusha v. Sherman, 105 Wis. 263; 47 L. R. A. 417; 81 N. W. 495

7 Colton v. Loan Association, 90 Md. 85; 78 Am. St. Rep. 431; 46 L. R. A. 388; 45 Atl. 23.

8 Greever v. Bank, 99 Va. 547; 39 S. E. 159.

9 Maine Mile-Track Association v. Hammond, 127 Mich. 690; 87 N. W. 135.

10 Morris v. Banking Co., 109 Ga. 12; 46 L. R. A. 506; 34 S. E. 378; Henneberry v. Morse, 56 I11. 394; Peterson v. Johnson, 22 Wis. 21; 94 Am. Dec. 581.

11 Hays v. Plummer, 126 Cal. 107; 77 Am. St. Rep. 153; 58 Pac. 447; Russ Lumber Co. v. Water Co.. 120 Cal. 521; 65 Am. St. Rep. 1S6; 52 Pae. 995; Battery Park Bank v. Loughran, 126 N. C. 814; 36 S. E. 281.

1 See Sec. 1296-1299. Jenkins v. Jones, 108 Ga. 556; 34 S. E. 149; Gregory v. Pike, 94 Me. 27; 46 Atl. 793; Mechanics' Bank v. Charda-voyne, 69 N. J. L. 256; 55 Atl. 1080; Morrison v. Bank, 9 Okla. 697; 60 Pac. 273; Hurlburt v. Straub. - W. Va. - ; 46 S. E. 163.

2 Swift v. Tyson, 16 Pet. (U. S.) 1; Chilton v. Gratton, 82 Fed. 873; Rowland v. Fowler, 47 Conn. 347; Walters v. Palmer, 110 Ga. 776; 36 S. E. 79; Taft v. Myerscough, 92 I11. App. 560; Brickley v. Edwards, 131 Ind. 3; 30 N. E. 708; Shenandoah National Bank v. Marsh, 89 Ia. 273; 48 Am. St. Rep. 381; 56 N. W. 458; Potter v. Belden, 105 Mass. 11; First National Bank v. Houseknecht. 121 Mich. 313; 80 N. W. 13; Fitzgerald v. Barker. 96 Mo. 661; 9 Am. St. Rep. 375; 10 S. W. 45; s. c, 85 Mo. 13; 70 Mo. 685; First National Bank v. Bank. 170 N. Y. 88; 62 N. E. 1089; McLaughlin v. Braddy, 63 S. C. 433; 90 Am. St. Rep. 681; 41 S. E. 523; (Tradesmen's, etc., Bank) Bank v. Looney, 99 Tenn. 278; 63 Am. St. Rep. 830; 38 L. R. A. 837; 42 S. W. 149.

3 Vinton v. King, 4 All. (Mass.) 562; Farmers', etc. Bank v. Butler, 48 Mich. 192; 12 N. W. 36; Keller v. Schmidt, 104 Wis. 596; 80

N. W. 935. Contra, Palmer v. Poor, 121 Ind. 135; 6 L. R. A. 469; 22 N. E. 984. (But in this case the evidence showed that there was no delivery, the note being forcibly taken from the maker by the payee.) Barry v. Assurance Society, 59 N. Y. 587.

4 Credit Co. v. Machine Co., 54 Conn. 357; 1 Am. St. Rep. 123; 8 Atl. 472; Thompson v. West, 59 Neb. 677; 49 L. R. A. 337; 82 N. W. 13.

5 Toms v. Jones, 127 N. C. 464; 37 S. E. 480.

6 Gray, etc., Co. v. Bank, 109 Ky. 694; 60 S. W. 537.

7 Benton County Savings Bank v. Boddicker. 105 Ia. 54S; 67 Am. St. Rep. 310; 45 L. R. A. 321; 75 N. W. 632.

8 Siebe v. Machine Works, 86 Cal. 390; 25 Pac. 14; Parr v. Eiiekson. 115 Ga. 873; 42 S. E. 240; Martina v. Muhlke. 186 I11. 327; 57 N. E. 954; Bankers', etc., Bank v. Lathe Co. (la.), 90 N. W. 612; Williams v. Huntington, 68 Md. 500; 6 Am. St. Rep. 477; 13 Atl. 336: Produce Exchange Trust Co. v. Bieberbach, 176 Mass. 577; 58 N. E. 162; Bear-den v. Moses, 7 Lea (Tenn.) 459; Salisbury v. Stewart. 15 Utah 308; 62 Am. St. Rep. 934; 49 Pac. 777.