National Mount Wollaston Bank v. Porter
Massachusetts Supreme Judicial Court
Contract upon a promissory note for $871.53, dated March 16, 1875, payable in six months, made by E. Mann & Son, and indorsed by the defendants. The case was submitted to the Superior Court, on an agreed statement of facts in substance as follows: The plaintiff became the holder of the note for value, before maturity.
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Contract upon a promissory note for $871.53, dated March 16, 1875, payable in six months, made by E. Mann & Son, and indorsed by the defendants. The case was submitted to the Superior Court, on an agreed statement of facts in substance as follows: The plaintiff became the holder of the note for value, before maturity. On May 11, 1875, before the maturity of the note, and after the plaintiff had become the holder of it, the defendants were adjudged bankrupts in the District Court of the United States for the District of Massachusetts. Pending these proceedings, the defendants, on May 24,1875,…
1Opinion of the CourtDevens, J.
If the claim of the plaintiff, which was upon a contingent liability of the defendants upon an indorsement made by them upon a negotiable note not yet matured, was a debt provable in bankruptcy, and one which could be satisfied by a composition with their creditors, it could only be thus satisfied upon compliance with the terms thereof. In re Hurst, 13 Bank. Reg. 455. In re Reiman, 12 Blatchf. C. C. 562.
The plaintiff had received fifty per cent, of its debt from the metate of the maker, but this was no reason why the defendants should not pay them the fifty per cent, upon the whole debt as…
2Cases cited3 opinions
- In re SoutherDistrict Court, D. Massachusetts · 1874
- In re KingsleyU.S. Circuit Court for the District of Massachusetts · 1868
- Hamblen v. RatiganMassachusetts Supreme Judicial Court · 1875
3Cited by18 opinions
- McClintic-Marshall Co. v. City of New BedfordMassachusetts Supreme Judicial Court · 1921
- Sacramento Bank v. Pacific BankCalifornia Supreme Court · 1899
- In Re Clarence A. Nachman Co.Court of Appeals for the Second Circuit · 1925
- Southern Michigan National Bank v. BylesMichigan Supreme Court · 1887
- Jewell v. ShermanWisconsin Supreme Court · 1891
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