Lancaster National Bank v. Taylor
Massachusetts Supreme Judicial Court
Contract on a promissory note for one thousand dollars, signed by the defendant, dated April 16,1866, payable to Jonathan S. Butterick or order, and indorsed by him to the plaintiffs.
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Contract on a promissory note for one thousand dollars, signed by the defendant, dated April 16,1866, payable to Jonathan S. Butterick or order, and indorsed by him to the plaintiffs. Trial in the superior court, before Reed, J., who allowed the following bill of exceptions: “ It was conceded at the trial that the defendant wrote his name upon the paper produced in support of the declaration, and that the plaintiffs received the same on April 16, 1866, in payment of a previous note of like tenor signed by the defendant and indorsed by Butterick, which fell due on that day; and there was…
1Opinion of the CourtFoster, J.
The rule that the indorsee of a negotiable promissory note, who has taker, it before maturity for value and *22without notice of any want of consideration or other defect rendering it void in its inception, can enforce it against the maker, notwithstanding it was valueless in the hands of the original payee, is founded upon the custom of merchants and the statute of 3 & 4 Anne, c. 9. It is an exception to the general rule of the common law; according to which a written promise can be enforced only in the name of the party to whom it is made, and, if it has been assigned, although the assignee is…
2Cases cited1 opinion
- Commonwealth v. MagowanCourt of Appeals of Kentucky · 1858
3Cited by21 opinions
- Goshen National Bank v. BinghamNew York Court of Appeals · 1890
- Davis v. SittigTexas Supreme Court · 1886
- Wenz v. PasteneMassachusetts Supreme Judicial Court · 1911
- Lyon, Potter & Co. v. First Nat. Bank of Sioux CityCourt of Appeals for the Eighth Circuit · 1898
- Taliaferro v. First National BankCourt of Appeals of Maryland · 1889
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