L

Latin. A real defect that attaches to the thing. Anyone holding title to an object which was stolen, no matter how properly or honestly acquired, the item retains the defect until it returned to the possession, the true owner. There are some objections to a contract or a document of debt, which can only be urged effectually by certain parties against certain others, but a real defect is one that can be pled by any one. Thus, the defense of no value, in an action on a bill, is a good defence by the acceptor when pursued by the drawer, but will not ...