Coleman v. Lansing
New York Supreme Court
This was an appeal by the plaintiff from a judgment dismissing his complaint upon a trial by the court. The action was in equity, and the complaint prayed relief, among other things, that a certain note, made by the plaintiff, • payable to the order of one Klinck, by way of security for the surrender to Klinck of .another note, and indorsed by the payee to the defendant Lansing, might be declared to have been so transferred in fraud of the plaintiff, with Lansing’s…
Read the full summary
This was an appeal by the plaintiff from a judgment dismissing his complaint upon a trial by the court. The action was in equity, and the complaint prayed relief, among other things, that a certain note, made by the plaintiff, • payable to the order of one Klinck, by way of security for the surrender to Klinck of .another note, and indorsed by the payee to the defendant Lansing, might be declared to have been so transferred in fraud of the plaintiff, with Lansing’s knowledge; that a judgment recovered upon the note against the maker and indorser, by Lansing’s indorsee, and, after recovery…
1Opinion of the CourtMullin, P. J.
W. V. K. Lansing was not a bona fide holder, for value of the note given by the plaintiff to *72Klink. He took it in part payment of a precedent debt; and it is well settled that one who receives a note upon such a consideration is not a bona fide holder. (20 J. R., 637; 6 Hill, 93; 24 Barb., 554; 37 id., 458; Lawrence v. Clark, 36 N. Y., 128.)
Erickson, Jennings & Mumford, having received the note from Lansing, before maturity, and without notice of the purposes for which it was made, or the manner in which Lansing acquired it, were bona fide holders, and against them the plaintiff had no…
2Cases cited4 opinions
- Lawrence v. . ClarkNew York Court of Appeals · 1867
- Farrington v. Frankfort BankNew York Supreme Court · 1857
- Newell v. GreggNew York Supreme Court · 1868
- Devlin v. . BradyNew York Court of Appeals · 1867