Ontario Bank v. Lightbody
Court for the Trial of Impeachments and Correction of Errors
Error from the supreme court. Lightbody sued the Ontario Bank, to recover the difference between the nominal amount of a bank bill received by him from the bank, on his check, and the amount realized by him on the same.
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Error from the supreme court. Lightbody sued the Ontario Bank, to recover the difference between the nominal amount of a bank bill received by him from the bank, on his check, and the amount realized by him on the same. Light-body, on the thirtieth day of May, 1828, presented his check for $2000 at the counter of the branch of the Ontario Bank, in Utica, having a deposit there to an amount exceeding that sum, and received in part payment a $500 bill of the Franklin Bank, of the city of New York. On the same day he transmitted the bill to N. York, from whence it was forthwith returned to him,…
1Opinion of the Court
The following opinions were delivered:
By the Chancellor.
Thequestiontobe decidedis, which of the parties shall sustain the loss in reference to the bill of the Franklin Bank, received by Lightbody, paid upon the presentment of his check. The law is well settled, that where the note of a third person is received in payment of an antecedent debt, the risk of his insolvency is upon the party from whom the note is received, unless there is an agreement or understanding between the parties, either express or implied, that the party who receives the note is to take it at his own risk.- The same…
2Cases cited1 opinion
- President of the Bank of the United States v. President of the Bank of GeorgiaSupreme Court of the United States · 1825
3Cited by15 opinions
- Norman v. WellsNew York Supreme Court · 1837
- Roberts v. . FisherNew York Court of Appeals · 1870
- State v. WilsonTexas Supreme Court · 1888
- Bayard v. ShunkSupreme Court of Pennsylvania · 1841
- Clark v. PeopleNew York Supreme Court · 1869
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