Dickenson v. Phillips
New York Supreme Court
In Equity. On the 6th of September, 1843, the defendant Phillips, being indebted to the plaintiff in the sum of $3500; gave to him five drafts upon J. Cohen, jun., of Charleston, S. C. for the amount of the indebtedness, and also gave him security for the debt upon the schooner Eliza Jane, of which he was owner and master, by an instrument alleged by the plaintiff to have been intended as a mortgage, and by the defendants New-bold & Cruft to have been a bottomry bond.
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In Equity. On the 6th of September, 1843, the defendant Phillips, being indebted to the plaintiff in the sum of $3500; gave to him five drafts upon J. Cohen, jun., of Charleston, S. C. for the amount of the indebtedness, and also gave him security for the debt upon the schooner Eliza Jane, of which he was owner and master, by an instrument alleged by the plaintiff to have been intended as a mortgage, and by the defendants New-bold & Cruft to have been a bottomry bond. The transaction took place at Boston. Phillips being a resident of Brewer in the state of Maine, and the plaintiff residing at…
1Opinion of the CourtHarris, J.
I am inclined to think the plaintiff’s security upon the vessel is to be regarded as a bottomry bond, and not a mortgage. But in the view I have taken of the questions involved in this case, it is not necessary to decide whether it was the one or the other. It is enough that there was a debt due from Phillips to the plaintiff, for which he held security Upon the vessel. The insurance, though in the name of Gale, was for the benefit of Phillips. Though by the terms of the policy the loss, if any, was payable to Gale, these words merely constituted him the attorney of Phillips, or such other…
2Cases cited1 opinion
- Fisher v. New-York Common PleasNew York Supreme Court · 1836
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