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,1 except those which are discussed subsequently.2 This rule has been carried into the Negotiable Instruments Law, which provides: "A holder in due course holds the instrument free from any defect of title of prior parties, and free from defenses available to prior parties among themselves, and may enforce payment of the instrument for the full amount thereof against all parties liable thereon."3

18 Fruitticher Electric Co. v. Birmingham Trust & Savings Co., - Ala. - , 79 So. 248.

19 Gardner v. Beacon Trust Co., 190 Mass. 27, 2 L. R. A. (N.S.) 767, 76 N. E. 455.

20 Gardner v. Beacon Trust Co., 190 Mass. 27, 2 L. R. A. (N.S.) 767, 76 N. E. 455.

21 Eichberg v. Board of Education, 165 Ky. 814, 178 S. W. 1075.

22 Eichberg v. Board of Education, 165 Ky. 814, 178 S. W. 1075.

1 Alabama. Jefferson County Sav-ing8 Bank v. Compton, 192 Ala. 16, 68 So. 261: Vogler v. Manson, - Ala. - ,

76 So. 117; Jones v. Bell, - Ala. - ,

77 So. 998; Davies v. Simpson, - Ala. - , 79 So. 48.

Arizona. Hurley v. Wilky, 18 Ariz. 45, 156 Pac. 83 [order reversed on rehearing, Hurley v. Wilky, 18 Ariz. 270, 158 Pac. 6391; Phoenix Safety Investment Co. v. Michaels, - Ariz - 176 Pac. 587.

Arkansas. Conqueror Trust Co. v. Reves Drug Co., 118 Ark. 222, 176 S.

W. 119; Hamilton National Bank v. Emigh, 127 Ark. 545, 192 S. W. 913; Manley Carriage Co. v. Fowler, 128 Ark. 299, 194 S. W. 708.

Colorado. Burnham Loan & Investment Co. v. Sethman, - Colo. - ,171 Pac. 884.

District of Columbia. Thompson v. Franklin National Bank, 45 D. C. App. 218.

Florida. Commercial National Bank v. Jordan, 71 Fla. 566, 71 So. 760.

Georgia. Jenkins v. Jones, 108 Ga. 556, 34 S. E. 149; Linderman v. Atkins, 143 Ga. 366, 85 S. E. 101; J. Furman Evans Co. v. Bryson, 146 Ga. 278, 91 S. E. 71; Chandler v. Smith, 147 Ga. 637, 95 S. E. 223.

Idaho. Southwest National Bank v. Lindsley, 29 Ida. 343, 158 Pac. 1082.

Illinois. Zollman v. Jackson Trust & Savings Bank, 238 111. 290, 32 L. R A. (N.S.) 858, 87 N. E 297.

Iowa. Voss v. Chamberlain, 139 Ia. 569, 19 L. R. A. (N.S.) 106, 117 N. W. 269; Waukee Savings Bank v Jones, 179 Ia. 261, 159 N. W. 691;

State v. Wegener, 180 Ia. 102, 162 N. W. 1040; Gray v. Bricker, 182 Ia. 816, 166 N. W. 284.

Kansas. Stevens v. Keegan, 103 Kan. 79, 172 Pac. 1025.

Kentucky. Gaertner v. Kraft, 164 Ky. 712, 176 S. W. 207; First National Bank v. Utterback, 177 Ky. 76, L. R. A. 1918B, 838, 197 S. W. 534.

Louisiana. McCowen v. Barnett, 136 La. 994, 68 So. 102.

Maine. Gregory v. Pike, 94 Me. 27, 46 Atl. 793.

Massachusetts. Whitman v. Four-nier, - Mass. - , 125 N. E. 303.

Michigan. First National Bank v. Shaw, 149 Mich. 362, 13 L. R. A. (N.S.) 426, 112 N. W. 904.

Minnesota. Finseth v. Scherer, 138 Minn. 355, 165 N. W. 124.

Mississippi. Huddleston v. McMillan, 112 Miss. 168, 72 So. 892.

Missouri Bacon v. Theiss. - Mo. - , 208 S. W. 254.

New Jersey. Mechanics' Bank v. Chardavoyne, 69 N. J. L. 256, 55 Atl. 1080; State v. Scarlett, 91 N. J. L. 200, 2 A. L. R. 83, 102 Atl. 160.

New York. Havana Central Railroad Co. v. Knickerbocker Trust Co., 198 N. Y. 422, L. R. A. 1915B, 720, 92 N. E. 12.

New Mexico. First National Bank v. Stover, 21 N. M. 453, L. R. A. 1916D, 1280, 155 Pac. 905.

Oklahoma. Morrison v. Bank, 9 Okla. 697, 60 Pac. 273; McPherrin v. Tittle, 36 Okla. 510, 44 L. R. A. (N.S.) 395, 129 Pac. 721; Hodgins v. Northwestern Finance Co., 46 Okla. 95, 148 Pac. 717; Security Trust & Savings Bank v. Gleichmann, 50 Okla. 441, L. R. A. 1915F, 1203, 150 Pac. 908; Dem-ing Investment Co. v. Shannon, - Okla. - , 162 Pac. 471; Critser v. Steeley, - Okla. - , 162 Pac. 795; Conqueror Trust Co. v. Simmon, - Okla. - , 162 Pac. 1098; Westlake v. Cooper,

- Okla. - , L. R. A. 1918D, 522, 171 Pac. 859; State v. Emery, - Okla. - , 174 Pac. 770; Union National Bank v. MayfieM, - Okla. - , 2 A. L. R. 135, 174 Pac. 1034.

Oregon. Everding v. Toft, 82 Or. 1, 150 Pac. 757, 160 Pac. 1160; Clarinda Trust & Savings Bank v. Doty, 83 Or. 214, 163 Pac. 418.

Pennsylvania. Ross v. Eyre, 260 Pa. St. 393, 103 Atl. 894.

South Carolina. Edens v. Gibson, 100 S. Car. 353, 84 S E. 1005; Iowa City State Bank v. Hoefer, 101 S. Car. 207, 85 S. E. 406; Farmers' & Mechanics' Bank v. Whitehead, 105 S. Car. 100, 89 S. E. 657.

South Dakota. Coleman v. Valentin, 39 S. D. 323, 164 N. W. 67.

Texas. Brannin v. Richardson, 108 Tex. 112, 185 S. W. 562.

Utah. Rosenblum v. Gomoll, - Utah. - , 173 Pac. 243.

Vermont. City Savings & Trust Co. v. Peck, - Vt. - , 103 Atl. 1020.

Virginia. Ratcliffe v. Costello, 117 Va. 563, 85 S. E. 469.

Washington. Fisk Rubber Co. v. Pinkey, 100 Wash. 220, 170 Pac. 581.

West Virginia. Hurlburt v. Straub, 54 W. Va. 303, 46 S. E. 163; Rusmis-sell v. White Oak Stave Co., 80 W. Va. 400, 92 S. E. 672; Mason v. Shaffer, 82 W. Va. 632, 96 R. E. 1023.

Wisconsin. Arnd v. Sjoblom, 131 Wis. 642, 10 L. R. A. (N.S.) 842, 111 N. W. 666.

Wyoming. Acme Coal Co. v. North-rap National Bank, 23 Wyom. 66, L. R. A. 1915D, 1084, 146 Pac. 593.

A broker who has sold stolen negotiable bonds is not liable to the holder if he acted in good faith. Pratt v. Higginson, 230 Mass. 256, 1 A. L. R. 714, 119 N. E. 061; Dean v. Vice, - Mass. - , 1*24 N. E. 673.

2 See Sec. 1296-1299.