National Exchange Bank v. . Silliman
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court in the third judicial department, affirming a judgment in favor of plaintiff entered upon a verdict; This action was brought against the defendants as second indorsers of a note made by E. Babcock, on or about May 19, 1864, payable to the order of S. E. Babcock, and indorsed by him.
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Appeal from judgment of the General Term of the Supreme Court in the third judicial department, affirming a judgment in favor of plaintiff entered upon a verdict; This action was brought against the defendants as second indorsers of a note made by E. Babcock, on or about May 19, 1864, payable to the order of S. E. Babcock, and indorsed by him. The indorsement of the defendants was in their firm name, of Silliman, Matthews & Co. The answer admits the making and indorsement of the note, but denies the other allegations of the complaint. It also alleges, that, at the time of the commencement of…
1Opinion of the Court
Dwight, C.
The leading question in this cause concerns the right of the defendant to insist that the proceeds of cer tain collateral securities held by the plaintiff- shall be applied in their favor, in preference to a note which the plaintiff had pnrchased after maturity." The argument of the defendants is, that the collaterals were deposited as a security for loans and discounts made to the Babcocks by the bank, and cannot be applied (certainly as between themselves and the plaintiff) to the payment of a note purchased after maturity and dishonor. They urge that the collateral securities…
2Cases cited3 opinions
- Vail v. . FosterNew York Court of Appeals · 1850
- Bennett v. . CookNew York Court of Appeals · 1871
- Agnew v. BellSupreme Court of Pennsylvania · 1835
3Cited by13 opinions
- Blanchard v. . BlanchardNew York Court of Appeals · 1911
- Catskill National Bank v. DumaryNew York Court of Appeals · 1912
- Chemical Bank v. MeltzerNew York Court of Appeals · 1999
- Rutherford National Bank v. MannielloAppellate Division of the Supreme Court of the State of New York · 1934
- Gaines v. HillCourt of Appeals of Kentucky · 1912
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