Pratt v. Short
New York Supreme Court
Action upon a note made by Alex. Van Gleeck to the order of, and indorsed by, defendants, dated August 12, 1872, for $1,900, payable seventy days after date. It was taken by the defendants and indorsed by them and delivered to the People’s Safe Deposit Company of the,State of Hew York, “ which was incorporated unde.r chapter 816, Laws of 1868, page 1839. The defendants received of said company $1,873.03, and have never repaid the money. The note was protested.
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Action upon a note made by Alex. Van Gleeck to the order of, and indorsed by, defendants, dated August 12, 1872, for $1,900, payable seventy days after date. It was taken by the defendants and indorsed by them and delivered to the People’s Safe Deposit Company of the,State of Hew York, “ which was incorporated unde.r chapter 816, Laws of 1868, page 1839. The defendants received of said company $1,873.03, and have never repaid the money. The note was protested. The plaintiff was duly appointed assignee, as alleged, of said company. Section 11 of said act provides, viz.: Tt shall be the duty of…
1Opinion of the CourtHardin, J.
The plaintiffs, as assignees, represent the creditors of the corporation, and as such take all the assets and rights of the corporation existing at the time of their appointment. The defendants having received the money upon the note, now insist it was not within the charter powers of the company to take the note by way of discounting the same to the defendants. The defendants were willing, at the time they presented the note to the company’s officers and asked for the money upon it, to assume and act as though they believed the officers of the company had power to discount the note. It is…
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