New England Trust Co. v. New York Belting & Packing Co.
Massachusetts Supreme Judicial Court
Contract, on three promissory notes of $5,000 each, dated respectively July 24, 1890, August 12, 1890, and August 22, 1890, made by the defendant, each payable in eight months after date to its own order and indorsed by it in blank. Trial in the Superior Court, without a jury, before Mason, C. J., who reported the case for the determination of this court, in substance as follows.
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Contract, on three promissory notes of $5,000 each, dated respectively July 24, 1890, August 12, 1890, and August 22, 1890, made by the defendant, each payable in eight months after date to its own order and indorsed by it in blank. Trial in the Superior Court, without a jury, before Mason, C. J., who reported the case for the determination of this court, in substance as follows. The notes were delivered to the Potter Lovell Company, a corporation organized and existing under the laws of this Commonwealth, and doing a general banking and note-brokerage business in Boston, for the purpose of…
1Opinion of the CourtAllen, J.
The Potter Lovell Company could not have enforced the notes now in suit against the defendant, but the plaintiff as pledgee took them for value without notice before maturity, and therefore it can now recover upon them to the extent of its interest, if any, and no more. Ordinarily in such a case the pledgee can recover only to the amount of his claim, for which the notes were pledged ; and if that claim has been reduced by partial payments, he can recover only to the amount of the unpaid balance. Chicopee Bank v. Chapin, 8 Met. 40. Stoddard v. Kimball, 6 Cush. 469. Fisher v. Fisher, 98 Mass.…
2Cases cited9 opinions
- Dresser v. Missouri & Iowa Railway Construction Co.Supreme Court of the United States · 1876
- Cuyler v. EnsworthNew York Court of Chancery · 1836
- Fisher v. FisherMassachusetts Supreme Judicial Court · 1867
- New Bedford Institution for Savings v. HathawayMassachusetts Supreme Judicial Court · 1883
- Whitman v. PorterMassachusetts Supreme Judicial Court · 1871
4 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Johnson v. GraysonSupreme Court of Missouri · 1910
- Jump v. LeonMassachusetts Supreme Judicial Court · 1906
- McBride v. Potter-Lovell Co.Massachusetts Supreme Judicial Court · 1897
- Quintin v. MagnantMassachusetts Supreme Judicial Court · 1934
- Paika v. PerryMassachusetts Supreme Judicial Court · 1917
4 more not listed; retrieve them via the Exa API.