First National Bank v. Carpenter, Stibbs & Co.
Supreme Court of Iowa
Appeal from Limn District Gowrt. This is an action upon -a written guaranty of defendants, to recover the amount of certain drafts drawn by Gibbs & Coates'on H. S. Stibbs and negotiated to plaintiff. Upon a jury trial there was a verdict and judgment for the plaintiff. Defendants appeal. Letters of credit and commercial guarantees are not negotiable when addressed to a particular person; the rule is otherwise when the address is general.
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Appeal from Limn District Gowrt. This is an action upon -a written guaranty of defendants, to recover the amount of certain drafts drawn by Gibbs & Coates'on H. S. Stibbs and negotiated to plaintiff. Upon a jury trial there was a verdict and judgment for the plaintiff. Defendants appeal. Letters of credit and commercial guarantees are not negotiable when addressed to a particular person; the rule is otherwise when the address is general. (2 Pars, on Notes & Bills, 134; Bricldiead v. Brown, 5 Hill, 634; Grant'd. Naylor, 4 Cranch, 234; Penoyer v. Watson, 16 Johns., 99; Bleelcer v. LLydet 3…
1Opinion of the Court
Miller, Ch. J. —
The plaintiff is a national banking corporation doing business in the city of Dubuque. The defendants were partners in a private exchange and deposit bank at Cedar Rapids. Gibbs & Coates were in the produce and commission business in Dubuque, and H. S. Stibbs (not a member of the defendants’ firm) was engaged in a like business in Cedar Rapids, and was in the habit of making purchases of eggs and butter from Gibbs & Coates and paying therefor upon their sight drafts, but being desirous of obtain*520ing further time of payment, proposed to accept their drafts for future purchases…
2Cases cited5 opinions
- Partridge v. DavisSupreme Court of Vermont · 1848
- Western Stage Co. v. WalkerSupreme Court of Iowa · 1856
- Way v. LambSupreme Court of Iowa · 1863
- Guest v. ByingtonSupreme Court of Iowa · 1862
- State v. ButterworthSupreme Court of Iowa · 1855
3Cited by12 opinions
- Schoonover v. Osborne Bros.Supreme Court of Iowa · 1899
- First National Bank v. FarsonNew York Court of Appeals · 1919
- Springfield Lighting Co. v. HobartMissouri Court of Appeals · 1902
- Reios v. MardisCalifornia Court of Appeal · 1912
- State ex rel. Hobart v. SmithSupreme Court of Missouri · 1903
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