Lathrop v. Morris
The Superior Court of New York City
This was an action by the plaintiffs as endorsers against the: defendants as acceptors, by their partnership name of M. Morris & Co., of two inland bills of exchange. Each bill was drawn by J. Ereedlander upon the defendants, in favor of E. W. Bancroft; was payable 90 days after date,. and was endorsed by Bancroft -to the plaintiffs.
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This was an action by the plaintiffs as endorsers against the: defendants as acceptors, by their partnership name of M. Morris & Co., of two inland bills of exchange. Each bill was drawn by J. Ereedlander upon the defendants, in favor of E. W. Bancroft; was payable 90 days after date,. and was endorsed by Bancroft -to the plaintiffs. The first was dated Oct. 12, 1847, and was for the sum of $324TYo ; the second' was dated Nov. 3, 1847, for the sum of $5326t2óV The defendants in their answer admitted the making, acceptance, and protest of the drafts, but set up as their defence that they, had…
1Opinion of the Court
*9By the Court.
Duer, J.
It is not pretended in this case that there was any fraud in putting the drafts in suit into circulation. On the contrary, it distinctly appears that they were applied to the very use for which they were intended by the parties. They were drawn and accepted for the sole purpose of talcing up the note held by Bancroft; hence the question whether they were received by him in satisfaction of his original debt, resulting from the sale of goods, or merely as a collateral security for its payment, is not at all necessary to be decided. It is wholly immaterial. It is fully…
2Cases cited2 opinions
- Grandin v. Le Roy & SmythNew York Court of Chancery · 1831
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3Cited by7 opinions
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- Cole v. SaulpaughNew York Supreme Court · 1865
- De Zeng v. FyfeThe Superior Court of New York City · 1857
- Lysaght v. PhillipsThe Superior Court of New York City · 1855
- Atlantic National Bank v. FranklinNew York Supreme Court · 1873
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