Newton (P) was the owner of $13,000 in government bonds. They were stolen from her, and the bonds were sold by the thieves. Warner loaned a part of his share and took promissory notes. The Warners were eventually arrested, and they employed Ds to defend them in the criminal proceedings. Warner transferred to Porter et al, (D) promissory notes taken on the loans made from the proceeds of the stolen bonds. The trial court held that Ds had notice that the notes were the proceeds of the stolen bonds and directed judgment against Ds.

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