Gilmour v. Thompson
New York Court of Common Pleas
This action was commenced in the marine court. The plaintiff alleged in his complaint, and proved at the trial, that on or about the 24th day of May, 1873, he was indebted to the defendants in the sum of $377.25 ; that he was unable to pay his debts in full, and that he entered into an agreement in writing with his creditors, whereby they agreed to accept and receive, in full satisfaction of their respective claims against the said plaintiff, the sum of forty cents on every…
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This action was commenced in the marine court. The plaintiff alleged in his complaint, and proved at the trial, that on or about the 24th day of May, 1873, he was indebted to the defendants in the sum of $377.25 ; that he was unable to pay his debts in full, and that he entered into an agreement in writing with his creditors, whereby they agreed to accept and receive, in full satisfaction of their respective claims against the said plaintiff, the sum of forty cents on every dollar owing by him to them in his promissory notes satisfactorily indorsed, payable in six months after their…
1Opinion of the CourtMcAdam, J.
In Bean agt. Brookmire & Rankin (7 Bankruptcy Regr., at p. 575) chief justice Dillon laid down the rule applicable to this class of cases as follows: “ The rules of law respecting the good faith to be observed by all who unite in composition agreements are well known and well settled, and rest upon the soundest policy and upon the clearest principles of equity, commercial' morality and fair dealing. The temptation to obtain undue or secret advantages is so great,.that the necessity for the severe rules which have been declared by the courts to repress it is undeniable. All must be open and…
2Cases cited5 opinions
- Litton Systems, Inc. v. Frigitemp Corp. (In Re Frigitemp Corp.)District Court, S.D. New York · 1981
- Lawrence v. . ClarkNew York Court of Appeals · 1867
- Pinneo v. HigginsNew York Court of Common Pleas · 1861
- Beach v. OllendorfNew York Court of Common Pleas · 1856
- Townsend v. NewellNew York Supreme Court · 1861
3Cited by2 opinions
- P. J. Willis & Bro. v. MorrisTexas Supreme Court · 1885
- Solinger v. EarleThe Superior Court of New York City · 1879