Rockville National Bank v. Citizens Gas Light Co.
Supreme Court of Connecticut
Action to recover the amount of three f1,000 bonds issued by the defendant and held by the plaintiff as collateral security, brought to the Superior Court in Tolland County and tried to the court, Prentice, J.; facts found and judgment rendered for the plaintiff for $2,400, and appeal by the defendant for alleged errors in the rulings of the court. The complaint was in the usual form to recover on negotiable paper payable to bearer.
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Action to recover the amount of three f1,000 bonds issued by the defendant and held by the plaintiff as collateral security, brought to the Superior Court in Tolland County and tried to the court, Prentice, J.; facts found and judgment rendered for the plaintiff for $2,400, and appeal by the defendant for alleged errors in the rulings of the court. The complaint was in the usual form to recover on negotiable paper payable to bearer. There were proceedings in reference to the pleadings which are now immaterial. The answer denied the allegations of the complaint that the bonds in suit were the…
1Opinion of the CourtHajieksley, J.
Negotiable paper taken in payment of an antecedent debt is taken for a valuable consideration, within the meaning of the law merchant. Brush v. Scribner, 11 Conn. 388, 392. This is equally true where the paper is taken as security for an antecedent debt. Bridgeport City Bank v. Welch, 29 Conn. 475, 476 ; Roberts v. Hall, 37 Conn. 205, 212.
The defendant claims that the principle does not apply when the antecedent debt is not payable at the time the security is given, so that there is no consideration by way of forbearance. But forbearance is not the only consideration. There may be obligations…
2Cases cited7 opinions
- Swift v. TysonSupreme Court of the United States · 1842
- Railroad Co. v. National BankSupreme Court of the United States · 1880
- Nolan v. New York, New Haven & Hartford RailroadSupreme Court of Connecticut · 1898
- Brush v. ScribnerSupreme Court of Connecticut · 1836
- Roberts v. HallSupreme Court of Connecticut · 1870
2 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Millard v. GreenSupreme Court of Connecticut · 1920
- First National Bank v. National Grain CorporationSupreme Court of Connecticut · 1925
- Johnson v. Johnson Bros.Supreme Judicial Court of Maine · 1911
- Slainte Investments Ltd. Partnership v. JeffreyDistrict Court, D. Connecticut · 2015
- Hartford National Bank & Trust Co. v. CredenzaSupreme Court of Connecticut · 1935
6 more not listed; retrieve them via the Exa API.