Chester v. . the Bank of Kingston
New York Court of Appeals
Appeal from the Supreme Court. Marcus Wilbur, being indebted to the Kingston Bank, procured the plaintiffs to make for his accommodation, and without any consideration, their promissory notes, one for $1500, payable ninety days from the 11th May, 1837, the other for $1331.15, payable ninety days from April 38, 1837, which he indorsed, and delivered, before their maturity, to the bank, to hold as collateral security for his liabilities to it, whether primarily oías an…
Read the full summary
Appeal from the Supreme Court. Marcus Wilbur, being indebted to the Kingston Bank, procured the plaintiffs to make for his accommodation, and without any consideration, their promissory notes, one for $1500, payable ninety days from the 11th May, 1837, the other for $1331.15, payable ninety days from April 38, 1837, which he indorsed, and delivered, before their maturity, to the bank, to hold as collateral security for his liabilities to it, whether primarily oías an indorser, informing the bank, at the time, of the character of the notes. Wilbur was then indebted to the bank in the sum of…
1Opinion of the Court
[EDITORS' NOTE: THIS PAGE CONTAINS HEADNOTES. HEADNOTES ARE NOT AN OFFICIAL PRODUCT OF THE COURT, THEREFORE THEY ARE NOT DISPLAYED.] When the bank had discounted the Swift note for Wilbur, the situation of the parties was this: Wilbur still owed the bank $945, and he was liable as indorser on that note. The bank held the respondent's accommodation notes as collateral merely to the remaining debt of Wilbur and to his indorsement of the Swift note. As to the $945, the primary fund was the liability of Wilbur. As to the sum represented in the Swift note, the liability of the makers, and of…
2Cited by25 opinions
- Jones v. Guaranty & Indemnity Co.Supreme Court of the United States · 1880
- Kernochan v. . the New-York Bowery Fire Insurance CompanyNew York Court of Appeals · 1858
- Hutchins v. . HebbardNew York Court of Appeals · 1865
- Billington v. . WagonerNew York Court of Appeals · 1865
- New York Exchange Co. v. . De WolfNew York Court of Appeals · 1865
20 more not listed; retrieve them via the Exa API.