
    Red River Iron Company v. J. T. Henderson.
    Bills and Notes — Set-off by Acceptor.
    The acceptor of a hill of exchange can not set off against it in the hands of an indorsee claims against the payee which were ®ub- ■ sisting at the time of acceptance.
    APPEAL PROM ESTILL CIRCUIT COURT.
    December 30, 1872.
    
      Lilly, for appellants.
    
    
      Riddell & Fluty, for appellee.
    
   Opinion by

Judge Lindsay:

The two papers sued on are bills of exchange.

It is so well settled that the acceptor of a bill of exchange can not set off against it, in the hands of an endorsee, claims against the payee subsisting at the time of acceptance, that we deem it unnecessary to cite authorities to sustain that position. Any other rule would destroy the value of mercantile paper.

Judgment affirmed.  