Leslie v. . Bassett
New York Court of Appeals
Appeal from judgment of the General Term of the Superior Court of the city of ¡New York, entered upon an order made ¡May 5, 1891, which overruled defendants’ exceptions ordered to be heard in the first instance at General Term and directed judgment in favor of plaintiff upon a verdict.
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Appeal from judgment of the General Term of the Superior Court of the city of ¡New York, entered upon an order made ¡May 5, 1891, which overruled defendants’ exceptions ordered to be heard in the first instance at General Term and directed judgment in favor of plaintiff upon a verdict. The action was brought to recover the amount of a draft-drawn by the American Exchange in Europe (Limited), a banking corporation, upon and accepted by the defendants and indorsed and transferred by the drawer to the plaintiff. The Exchange, by an agreement made with George F. Bassett & Co., the defendants…
1Opinion of the CourtAndrews, J.
According to the settled law of this state, as established in Coddington v. Bay (20 Johns. 637), and reaffirmed in subsequent cases, the plaintiff having taken the draft as security for or in nominal payment of interest to accrue on an antecedent debt, it was subject in her hands to any defenses which would have been available to the defendants in case the draft had not been transferred and the action had been brought by the drawees against the defendants as acceptors. The plaintiff on receiving the draft surrendered no securities, extinguished no liability for the principal or interest of…
2Cases cited2 opinions
- Coddington v. BayCourt for the Trial of Impeachments and Correction of Errors · 1822
- Ph&338nix Insurance Company v. . ChurchNew York Court of Appeals · 1880
3Cited by7 opinions
- Sykes v. StateTennessee Supreme Court · 1903
- Shawmut Corp. of Boston v. William H. Bobrick Sales Corp.New York Court of Appeals · 1933
- Bank of United States v. SeltzerAppellate Division of the Supreme Court of the State of New York · 1931
- In Re Canal Bank & Trust Co.'s LiquidationSupreme Court of Louisiana · 1933
- Greenough v. MunroeCourt of Appeals for the Second Circuit · 1931
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