Upton & Co. v. Paxton

On the 14th of November, 1871, plaintiffs were the owners of four promissory notes executed by the firm of Paxton & Ramsey, of which firm the defendants were the .members, the aggregate amount of the principal of which was $2,454.61. On that day defendants turned over to them forty-seven notes on third parties, amounting in the aggregate to $1,896.50. Plaintiffs collected a portion of the notes, and credited the amounts so received on three of the notes held by them on defendants. They also received from one Parker the sum of $579.58, for which they also gave defendauts credit. The total…