Farmers & Mechanics' Bank v. Baldwin
Supreme Court of Minnesota
Action against the maker and endorser of the following promissory note: $3,000. St. Paul, Minn., March 16, 1875. Three months (without grace) after date I promise to pay to the order of R. J. Baldwin three thousaud dollars, at the Farmers and Mechanics’ Bank, St. Paul, with interest at twelve per cent, per annum after maturity until paid. Value received. W. S. Judd. [Endorsed] R. J. Baldwin.
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Action against the maker and endorser of the following promissory note: $3,000. St. Paul, Minn., March 16, 1875. Three months (without grace) after date I promise to pay to the order of R. J. Baldwin three thousaud dollars, at the Farmers and Mechanics’ Bank, St. Paul, with interest at twelve per cent, per annum after maturity until paid. Value received. W. S. Judd. [Endorsed] R. J. Baldwin. In its amended complaint the plaintiff, which is a corporation, organized in 1871 under Gen. St. c. 33, and amendatory acts, after averring the making of the note, alleged “that afterwards, and before the…
1Opinion of the CourtCornell, J.
It is conceded that plaintiff’s only title to the note in question rests upon its absolute purchase, as a chose in action," from -one Patterson, the then owner, for a specific sum agreed upon and paid at the time of the purchase. Patterson did not endorse the note, nor expressly assume any obligation in connection with the transfer. Inasmuch as the ownership of the note by plaintiff is put in issue by the pleadings, the question necessarily arises whether the plaintiff had the corporate power to make the purchase in the manner it did, and whether, by such alleged purchase, it acquired any…
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