Exchange Bank v. Monteath
New York Court of Appeals
Appeal from the Supreme Court. Action upon three drafts made by the defendants, Joy and Monteath, as drawers to their own order and indorsed by them as agents of the Albany and Canal line of tow boats, dated at Albany, June v 20th, 22d and 23d, 1848, drawn upon and accepted by Alfred Hoyt, agent, 16 South street, Hew York, two for $3,500 each and one for $3,000. The drafts were discounted by the plaintiff in the usual course of business, and the proceeds remitted to the…
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Appeal from the Supreme Court. Action upon three drafts made by the defendants, Joy and Monteath, as drawers to their own order and indorsed by them as agents of the Albany and Canal line of tow boats, dated at Albany, June v 20th, 22d and 23d, 1848, drawn upon and accepted by Alfred Hoyt, agent, 16 South street, Hew York, two for $3,500 each and one for $3,000. The drafts were discounted by the plaintiff in the usual course of business, and the proceeds remitted to the Canal Bank of Albany, from whom the draft had been received. The plaintiff had previously discounted a large amount of…
1Opinion of the CourtDavies, J.
There are two grounds upon which, in my opinion, the plaintiffs can recover upon these drafts, and the defendant’s liability upon them is unquestionable.
1. The drafts were made and issued by the two partners, Joy and Hoyt, in the name of the partnership, and although the proceeds of the drafts did not inure to its benefit, it must be held liable.
2. The acts of Joy and Hoyt in making and issuing these ■ drafts, must, under the circumstances, be held as binding upon the defendants, their principals, for whom they acted as agents; and as such, clearly and undeniably, they had authority to make,…
2Cases cited9 opinions
- Farmers & Mechanics' Bank v. Butchers & Drovers' BankNew York Court of Appeals · 1857
- Root v. FrenchNew York Supreme Court · 1835
- Vallett v. ParkerNew York Supreme Court · 1831
- Griswold v. . HavenNew York Court of Appeals · 1862
- Laverty v. BurrNew York Supreme Court · 1828
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3Cited by2 opinions
- Empire Mills v. Alston Grocery Co.Court of Appeals of Texas · 1891
- People ex rel. Bank of British North America v. Commissioners of TaxesNew York Supreme Court · 1873