Easton v. Hyde
Supreme Court of Minnesota
The plaintiff brought this action in the District Court for Fillmore .County, as endorsee, against the defendants as endorsers of the instrument set out in the syllabus, to recover the sum of money mentioned therein and interest. Issue was joined, and the cause tried before the Court without a jury.
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The plaintiff brought this action in the District Court for Fillmore .County, as endorsee, against the defendants as endorsers of the instrument set out in the syllabus, to recover the sum of money mentioned therein and interest. Issue was joined, and the cause tried before the Court without a jury. The Court found among other things that “ the defendants have not become liable to pay to the plaintiff any sum of money whatever by-reason of their endorsement of - said instrument in writing.” Judgment was entered in favor of defendants ; the plaintiff appeals therefrom to this Court.
1Opinion of the Court
Wilson, Ob. J.
By the Court We admit, for the purposes of this case, that a certificate of deposit is in legal effect a promissory note, and that the liability of an endorser is the same whether the note is negotiable or non-negotiable.
The discussion of these questions is made unnecessary by one more radical — is this a promissory note, or a special contract for the delivery of IT. S. bonds ? That it is the latter seems to us the fair and natural import of the language used. The word “payable ” in this connection is equivalent to the expression “to be paid,”, or “which I agree to pay.” Nor d.o…
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