When suit is brought by a holder or transferee on a negotiable instrument received under dishonor, no setoff shall be allowed against the original payee except such as is in some way connected with the debt sued on or the transaction from which it sprang.
History. Orig. Code 1863, § 2845; Code 1868, § 2853; Code 1873, § 2904; Code 1882, § 2904; Civil Code 1895, § 3750; Civil Code 1910, § 4344; Code 1933, § 20-1305.
Cross references.
Liability of parties to negotiable instruments generally, § 11-3-401 et seq.