White & Sheffield v. Springfield Bank
New York Supreme Court
In Equity. Motion to dissolve an injunction. The plaintiffs, merchants in New-York, had accepted for the accommodation of Howard
1Opinion of the CourtEdmonds, J.
The rule is too well settled in this state, to warrant any discussion, that the holder of a negotiable security, which has been passed to him in fraud of the rights of others, in order that he may be protected, must not only have taken it without notice, but must also have parted with something of actual value on the credit or faith thereof, and that merely receiving it in security or payment of an antecedent debt is not sufficient.
In this case, the defendants have parted with nothing but *227an unaccepted draft; and their doing so has in no respect changed the situation of the parties. Howard &…
2Cited by2 opinions
- Baze v. ArperSupreme Court of Minnesota · 1861
- Gilbert v. Duncan, Sherman & Co.Supreme Court of New Jersey · 1861