Naglee & Parrott v. Lyman
California Supreme Court
Appeal from the Fourth District. To the faets stated in the opinion it is only necessary to add, that the plaintiffs were appointed receivers of Page, Bacon & Co. at the suit of judgment creditors of that firm.
1Opinion of the CourtField, C. J.
In 1854, the defendant gave Clifford & Co. of San Francisco, a letter of credit, authorizing them to draw upon him at Boston or ¡New York, at sixty or ninety days’ sight, for any sums not exceeding twenty thousand dollars. The object of the credit was to énable Clifford & Co. to raise funds at San Francisco, and to remit the same to the defendant. They had, in fact, no interest in the transaction, the proceeding being a mere device on the part of the defendant to raise money on the time drafts of Clifford & Co. for his own use. Upon receiving the letter, Clifford & Co. applied to Page, Bacon…
2Cases cited3 opinions
- Dugan v. United StatesSupreme Court of the United States · 1818
- Dollfus v. FroschCourt for the Trial of Impeachments and Correction of Errors · 1845
- Chautauque County Bank v. DavisNew York Supreme Court · 1839
3Cited by15 opinions
- Smitton v. McCulloughCalifornia Supreme Court · 1920
- Fowles v. National Bank of CaliforniaCalifornia Supreme Court · 1914
- Schut v. DoyleCalifornia Court of Appeal · 1959
- Davis v. RussellCalifornia Supreme Court · 1878
- Estate of ChamberlainCalifornia Court of Appeal · 1941
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