Mechanics' & Traders' Bank v. Livingston
New York Court of Common Pleas
Appeal from city court, general term. Action oh a promissory note by the Mechanics’ & Traders’ Bank against Frederic Livingston and another. From a judgment (23 27. Y. Supp. 814) affirming a judgment entered on a verdict for plaintiff, defendants appeal.
1Opinion of the CourtPryor, J.
To an action on a negotiable note the defense is that it was made for the accommodation of the payees, that it was transferred to the plaintiff as collateral security for a previous loan, and that the loan has been repaid. That the loan has been repaid is not controverted; and, if the fact be that the pledge of the note was as security only for the specific loan, then, beyond question, the defendants were entitled to the verdict, upon the settled principles that a security for one debt cannot be applied to another, (Duncan v. Brennan, 83 N. Y. 487; Bank v. Bell, 125 N. Y. 38, 42, 25 N. E.…
2Cases cited18 opinions
- Grocers' Bank v. Buffalo & PenfieldNew York Court of Appeals · 1877
- Cass v. . HigenbotamNew York Court of Appeals · 1885
- Freund v. Importers & Traders' National BankNew York Court of Appeals · 1879
- Benjamin v. . RogersNew York Court of Appeals · 1891
- Farwell v. Importers & Traders' National Bank of New YorkNew York Court of Appeals · 1882
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3Cited by9 opinions
- In re the General Assignment for the Benefit of Creditors of Towns Paint Co., New York County Courts1942
- Wolfe v. KnightCity of New York Municipal Court · 1896
- Gates v. WilliamsNew York Court of Common Pleas · 1894
- Western Nat. Bank v. FlannaganNew York Court of Common Pleas · 1895
- Beall v. General Electric Co.New York Supreme Court · 1896
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