Coghlan v. Dinsmore
The Superior Court of New York City
This was an action for damages for failing to take proper steps to charge the parties to a note left with the defendants for collection. The note was dated the 17th of June, 1860, and was for $1,922.34, drawn by Q-. W. Hichols, payable ten months after its date, to the order of Saltus & Co., at the office of Payne & Harrison of Hew Orleans, with current rate of exchange on Hew York at maturity. It was indorsed by Saltus & Co., and also by Mrs. Anna Saltus.
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This was an action for damages for failing to take proper steps to charge the parties to a note left with the defendants for collection. The note was dated the 17th of June, 1860, and was for $1,922.34, drawn by Q-. W. Hichols, payable ten months after its date, to the order of Saltus & Co., at the office of Payne & Harrison of Hew Orleans, with current rate of exchange on Hew York at maturity. It was indorsed by Saltus & Co., and also by Mrs. Anna Saltus. The defendants signed a receipt, dated the 6th of April, 1861, of such note from the plaintiff for collection, proceeds to be returned…
1Opinion of the CourtRobertson, J.
The plaintiff was entitled to the security of the liability of all the parties to the note in question who were originally liable, and the defendants were bound to take all necessary steps to secure that liability. For any failure to take such steps the defendants were liable to the extent of any damages suffered by the plaintiff. The maker, of course, is liable at all events; and if he is solvent no damage has been suffered; if not, the defendant is liable for not charging the indorsers, unless they never were Bable or were insolvent and worthless. In such case it is not necessary for the…
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