Section 47-50-104 - Failure of consideration - Defense

The want or failure, in whole or in part, of the consideration of a written contract, may be shown as a defense, total or partial, as the case may be, in an action on such contract, brought by anyone who is not an innocent and bona fide holder.Code 1858, § 1806 (deriv. Acts 1849-1850, ch. 20, § 1; 1849-1850, ch. 60, §1); Shan., §3215; Code 1932, § 7830; T.C.A. (orig. ed.), §§ 47-1703, 47-15-104.