Dickinson v. King
Supreme Court of Vermont
Book Account. The auditor reported a balance in favor of the plaintiff, dependent, as to its amount, upon the opinion of the court upon the following facts.
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Book Account. The auditor reported a balance in favor of the plaintiff, dependent, as to its amount, upon the opinion of the court upon the following facts. The defendant made and delivered to the plaintiff, his promissory note for $200, payable at the Commercial Bank, Troy, N. Y., which he charged to the plaintiff in his account; but it was not understood that the note was received by the plaintiff in payment; but the parties expected, on payment of the note, to have a final adjustment of the matter} on a settlement of the plaintiff’s account. The plaintiff negotiated the note and received…
1Opinion of the Court
*380The opinion, of the court was delivered, at the circuit session in June, by
Ishasi, J.
The doctrine is well settled in this state, that á promissory note, given upon an open account, operates as payment of that account, and is a bar to an action Upon the original indebtedness, provided there is no fraud or unfairness in giving the note. The general rule is the same, whether the note is that of the debtor or of a third person. The remedy of the party, in such case, is only upon the new security; Hutchins v. Olcutt, 4 Vt. 549; Farr v. Stevens, 26 Vt. 299. The rule is founded upon the presumption…
2Cases cited5 opinions
- Maddox v. Graham & KnoxCourt of Appeals of Kentucky · 1859
- Hutchins v. OlcuttSupreme Court of Vermont · 1832
- Morton v. BarrettSupreme Judicial Court of Maine · 1843
- President of Hibernia Turnpike Road v. HendersonSupreme Court of Pennsylvania · 1822
- Farr v. StevensSupreme Court of Vermont · 1854
3Cited by2 opinions
- Rutland Railway, Light & Power Co. v. WilliamsSupreme Court of Vermont · 1916
- Manley Brothers Co., Inc. v. SomersSupreme Court of Vermont · 1927