The object of this Article is to show that there is no inherent inconsistency between the juvenile court philosophy of correction in lieu of punishment on the one hand, and on the other, the equally sound proposition that when a child commits what would constitute a crime if the same act were committed by an adult, fair play requires that the child be afforded equal procedural safeguards.

Few legal principles are better developed or better known than the one that bona fide purchasers for value of negotiable instruments that are properly negotiated to them-in other words, holders in due course—take the instruments free of defenses that might be available between the original parties. Not only is the rule well known, but it is easy to come within it. Few seem so aware of this as finance companies.…