Frazer v. D'Invilliers
Supreme Court of Pennsylvania
Appeal from the Nisi Prius. Feb. 3. — A treasury note in the following form: “ 11 March, 1841. “ The United States promise to pay, one year after date, to Corcoran & Riggs, or order, Five Hundred Dollars, with interest, at the rate of six per centum.”
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Appeal from the Nisi Prius. Feb. 3. — A treasury note in the following form: “ 11 March, 1841. “ The United States promise to pay, one year after date, to Corcoran & Riggs, or order, Five Hundred Dollars, with interest, at the rate of six per centum.” Was stolen after being cancelled by the United States, and the words of cancellation having been obliterated, was put in circulation, and a bona fide holder endorsed it to defendant’s order for safety; on demand, the interest was paid by the United States, and endorsed thereon. Defendant then sold the note and endorsed it without recourse, and…
1Opinion of the Court
Serjeant, J.-
— -Treasury notes possess the highest character of negotiability, by the express provisions of the acts of Congress authorizing their issue. For this reason, as was held by this court in Charnley v. Dulles, 8 Watts & Serg. 353, the words “ without recourse,” annexed to the defendant’s endorsement, only exempt him from that liability on the note, in the case of its dishonour at maturity, to which he would otherwise be subject by tire law-merchant. But they do not exempt him from the obligation he is under, in case the instrument turns out not to be genuine, to return the money…
2Cases cited1 opinion
- Charnley v. DullesSupreme Court of Pennsylvania · 1845
3Cited by2 opinions
- Koch v. HinkleSuperior Court of Pennsylvania · 1908
- Universal C. I. T. Credit Corp. v. Green, Pennsylvania Court of Common Pleas, Cumberland County1958