Ocean National Bank of N.Y. v. . Fant
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court in the first judicial department, affirming a judgment in favor of defendant entered upon the decision of the court at circuit upon trial without a jury.
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Appeal from judgment of the General Term of the Supreme Court in the first judicial department, affirming a judgment in favor of defendant entered upon the decision of the court at circuit upon trial without a jury. This action was brought against defendant as indorser of a promissory note, of which the following is a copy: “$3,352.61. “ New York, October 15, 1869. “ On demand I promise to pay to Hamilton G. Fant or order $3,352.61 for value received, with interest at the rate of seven per cent per annum, having deposited with him as collateral security, with authority to sell the same at the…
1Opinion of the CourtSapallo, J.
The note upon which the defendant is sued, as indorser, contains a statement that the maker has deposited with the payee, as collateral security, certain railroad bonds, with authority to sell them without notice in case of nonpayment of the note; and it is found as a fact that these col-laterals came to the hands of the plaintiff when it became the holder of the note.
We think that the court below was clearly right in holding, that an agreement to restore these collaterals to the maker, on payment of the note, is to be implied from the transaction as stated in the instrument itself, and that…
2Cited by25 opinions
- Halpin v. . Phenix Ins. Co.New York Court of Appeals · 1890
- Moore v. NormanSupreme Court of Minnesota · 1890
- Skud v. TillinghastCourt of Appeals for the Sixth Circuit · 1912
- Field v. SibleyAppellate Division of the Supreme Court of the State of New York · 1902
- First Trust & Deposit Co. v. PotterNew York Supreme Court · 1935
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