Commercial Bank of Natchez ex rel. Briggs v. Claiborne
Mississippi Supreme Court
ERROR from the circuit court of the county of Adams. This is an action upon a promissory note, made by the defendants, and payable to the Commercial Bank of Natchez, for the sum of three thousand dollars. It appears from the evidence, that Claiborne, one of the makers, presented it to the bank to be discounted, and that the bank declined to do so. The note was made for the accommodation of Claiborne.
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ERROR from the circuit court of the county of Adams. This is an action upon a promissory note, made by the defendants, and payable to the Commercial Bank of Natchez, for the sum of three thousand dollars. It appears from the evidence, that Claiborne, one of the makers, presented it to the bank to be discounted, and that the bank declined to do so. The note was made for the accommodation of Claiborne. He' afterwards presented it to Briggs, Lacoste & Co. who advanced him the sum of two thousand dollars. They took his receipt for the amount, and his blank check on the bank. On the trial below,…
1Opinion of the CourtJustice Tkotter
stated the case, and delivered the opinion of the court.
The competency of plaintiff’s proof depends upon the validity of their title acquired by the purchase under the circumstances proposed to be shown.. This note was made to enable Claiborne to raise money upon it. It was an accommodation note. In this respect it is to be considered as a letter of credit for the amount specified on its face, and is consequently valid and binding against the makers, in the hands of any holder who comes fairly to the possession of it for a bona fide consideration. This we take to be a well settled principle…
2Cases cited2 opinions
- Bank of Rutland v. BuckNew York Supreme Court · 1830
- Utica Bank v. GansonNew York Supreme Court · 1833