Payne v. Cutler
New York Supreme Court
Motion to set aside report of referees. The plaintiff, on the hearing before the referees, proved two promissory notes given by the defendant, bearing date 17th April, 1829, each for the sum of $133,34: one payable on the first of >September and the other on the first of February succeeding the date of the notes ; the notes being payable to Joseph C. Payne, or bearer.
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Motion to set aside report of referees. The plaintiff, on the hearing before the referees, proved two promissory notes given by the defendant, bearing date 17th April, 1829, each for the sum of $133,34: one payable on the first of >September and the other on the first of February succeeding the date of the notes ; the notes being payable to Joseph C. Payne, or bearer. The payee transferred the notes to a mercantile firm, composed of Samuel Payne and Abraham Payne,j)revious to either note coming to maturity, the firm allowing the payee the value of the notes on a settlement of accounts with…
1Opinion of the Court
By the Court,
Savage, Ch. J.
I understand the law to
be that the maker of a negotiable note may set up any defence against the holder which he might against the payee, unless the holder has advanced money or property, or incurred liability upon the credit of the note. The note was not passed in the usual course of trade. Chief Justice Spencer, 20 Johns. R. 651, says: “ I understand, by the usual course of trade, not that the holder shall receive the bills or notes thus obtained (fraudulently) as securities for antecedent debts, but that he shall take them in his business, and as payment for a…
2Cited by17 opinions
- Brush v. ScribnerSupreme Court of Connecticut · 1836
- Lawrence v. . ClarkNew York Court of Appeals · 1867
- Marshal v. Dalton Paper MillsSupreme Court of Vermont · 1909
- Manufacturers' National Bank of Racine v. NewellWisconsin Supreme Court · 1888
- Earle v. RobinsonNew York Supreme Court · 1895
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