Franklin Bank v. Raymond
New York Supreme Court
This was an action of assumpsit, tried at the New-York circuit, in June, 1828, before the Hon. Ogden Edwards, one of the circuit judges. ■ The declaration was on a promissory note for §497,30, dated the 12th May, 1824, made by J. H. Cunningham, payable in 90 days to E. W. A. Bailey, and endorsed by him and by the defendants, who were sued as second endosers. The defendants pleaded the general issue, and gave notice of set off.
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This was an action of assumpsit, tried at the New-York circuit, in June, 1828, before the Hon. Ogden Edwards, one of the circuit judges. ■ The declaration was on a promissory note for §497,30, dated the 12th May, 1824, made by J. H. Cunningham, payable in 90 days to E. W. A. Bailey, and endorsed by him and by the defendants, who were sued as second endosers. The defendants pleaded the general issue, and gave notice of set off. The question in this case arose on the defence set up. The defendants proved that the note in question was received from Bailey in exchange for a note of the same sum…
1Opinion of the Court
By the Court,
Marcy, J.
The note given by the defendants to Bailey had not been transferred by him according to the custom of merchants. The holders of it could not therefore maintain an action upon it in their name; but Bailey had assigned it without endorsement, for a valuable consideration, to the Hoboken Bank. He had therefore parted with all his property in it, and the bank had aquired what interest he possessed in it. The holders stood in the relation of assignees of a chose in action, and not endorsees, and held the note subject to the equities existing between the original parties. (13…
2Cited by17 opinions
- Goshen National Bank v. BinghamNew York Court of Appeals · 1890
- Carnegie Trust Co. v. First National BankNew York Court of Appeals · 1915
- Van Eman v. StanchfieldSupreme Court of Minnesota · 1865
- Younker ex rel. Ralston v. MartinSupreme Court of Iowa · 1864
- Billings v. McCoy Bros.Nebraska Supreme Court · 1876
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