Carpenter v. National Bank of the Republic
Supreme Court of Pennsylvania
Error to the Court of Common Pleas, No.- 4, of Philadelphia County: Of January Term, 1884, No. 90. Assumpsit, by the National Bank of the Republic against John Carpenter, on a promissory note for $1,500, made by the defendant to the order of one F. C. Hooton, and by him indorsed. The defendant filed the following affidavit of defence :— “ The note in question was given to F. C. Hooton without any consideration.
Read the full summary
Error to the Court of Common Pleas, No.- 4, of Philadelphia County: Of January Term, 1884, No. 90. Assumpsit, by the National Bank of the Republic against John Carpenter, on a promissory note for $1,500, made by the defendant to the order of one F. C. Hooton, and by him indorsed. The defendant filed the following affidavit of defence :— “ The note in question was given to F. C. Hooton without any consideration. He had endorsed a note by myself to the order of my father, Francis Carpenter, which was discounted. This note was for $1,500. Of this sum my father, or I, had received $1,200, and…
1Opinion of the CourtJustice Clark
Accommodation paper is such as is made, accepted or endorsed by one party for the benefit of another, without con*172sideration; it represents a loan of credit. Between the original parties it is open to the defence of want of consideration, but if transferred in the usual course of business, even to those who know the character of the paper, that defence cannot be made. Such a loan of credit is held to be without restriction as to the uses to which it may be applied. In Lord v. Ocean Bank, 8 Harris, 384, this court asserted the principle in the following language: “ He who chooses to put himself…
2Cited by7 opinions
- Altoona Second National Bank v. DunnSupreme Court of Pennsylvania · 1892
- Gimbel Bros. Inc. v. HandSuperior Court of Pennsylvania · 1930
- Hart v. United States Trust Co.Supreme Court of Pennsylvania · 1888
- Smith v. WachobSupreme Court of Pennsylvania · 1897
- Cozens v. MiddletonSupreme Court of Pennsylvania · 1888
2 more not listed; retrieve them via the Exa API.