Exchange Bank v. Rich
Massachusetts Supreme Judicial Court
Contract. After the decision reported 98 Mass. 288, tho parties stated the case as follows for the judgment of the superior court “ On March 8, 1865, John P. Hill, at St. Louis, drew on the defendants, commission merchants in Boston, a draft for $3300, payable thirty days after date to the order of R. R. Pitman & Company, and containing on1 its face a memorandum in the terms following: ‘ against 12 bales cotton.’ On the same day the draft was indorsed to and discounted in…
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Contract. After the decision reported 98 Mass. 288, tho parties stated the case as follows for the judgment of the superior court “ On March 8, 1865, John P. Hill, at St. Louis, drew on the defendants, commission merchants in Boston, a draft for $3300, payable thirty days after date to the order of R. R. Pitman & Company, and containing on1 its face a memorandum in the terms following: ‘ against 12 bales cotton.’ On the same day the draft was indorsed to and discounted in the usual course of business by the plaintiffs, and on March 15 was presented by them to the defendants at Boston, who…
1Opinion of the CourtGbay, J.
It has already been decided in this case, upon proof of substantially the same facts which are now agreed by the parties, that the plaintiffs could not sue the defendants as acceptor’s of the draft; because their promise to the drawer to accept it, hay - ing been made after the draft had been negotiated to the plaintiffs, did not amount to an acceptance; and the memorandum at the foot of the draft, that it was drawn against twelve bales of cotton, could have no more effect to charge the defendants as acceptors than the mere signature of the drawer, which of itself always imports a promise…
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