Day v. Saunders
New York Court of Appeals
Where a party takes negotiable paper before its maturity, in payment of a debt. ppst due, it constitutes him a holder for value.
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Where a party takes negotiable paper before its maturity, in payment of a debt. ppst due, it constitutes him a holder for value. Consequently, where the plaintiff held four notes of the maker—two of which were not due and two past due, on receiving an indorsed note of the same maker in payment for the full amount of the four notes, held, that the evidence as to the indorsed note being received in payment of the two notes past due, being precisely the same that it was in regard to the notes not dne, the plaintiff was entitled to recover the full amount of the indorsed note—the note in…
1Opinion of the Court
Davies, Ch. J.
On the 2d of November, 1859, the plaintiffs were the owners and holders of four promissory notes made by one J. H. Whipple. The whole amount due thereon for principal, interest, and protest fees, was on that' day $1,031.25. Two of the notes were over due, uoon which suits had been commenced by the plaintiffs against Whipple, and on the said 2d of November, plaintiffs agreed to accept Whipple’s note for the amount of said four notes, at forty-five days, to be indorsed by the defendant Saunders. On the 22d of November, 1859, plaintiff’s attorney received the note in suit indorsed…
2Cases cited2 opinions
- Van Duzer v. . HoweNew York Court of Appeals · 1860
- Brown v. . LeavittNew York Court of Appeals · 1865
3Cited by5 opinions
- Town of Solon v. Williamsburgh Savings BankNew York Court of Appeals · 1889
- Hume Webster & Co. v. Howe Machine Co.Supreme Court of Connecticut · 1886
- Clothier v. . AdrianceNew York Court of Appeals · 1873
- Day v. SaundersNew York Court of Appeals · 1867
- Powers v. FreemanNew York Supreme Court · 1869