1. Where a negotiable instrument is transferred before its maturity, in payment of a pre-existing debt, the transferee is a holder for value, and takes the paper free from the equities existing between the original parties. Bond v. Central Bank of Georgia, 2 Ga. 92; Gibson & Rood v. Conner, 3 Ga. 47.

2. The evidence demanded the verdict for the plaintiff, and there was no error in directing the jury so to find.

Judgment affirmed.