Lester v. Webb
Massachusetts Supreme Judicial Court
Contract on three promissory notes signed by the defendant— one being dated December 18 1854, and the other two December 19 1854 — all payable to the order of the National Protection Insurance Company of the State of New York in twelve months after date, and purporting to be indorsed to the plaintiff by said company, acting by T. Safford, its treasurer The defendant denied that Safford had authority to make the indorsements.
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Contract on three promissory notes signed by the defendant— one being dated December 18 1854, and the other two December 19 1854 — all payable to the order of the National Protection Insurance Company of the State of New York in twelve months after date, and purporting to be indorsed to the plaintiff by said company, acting by T. Safford, its treasurer The defendant denied that Safford had authority to make the indorsements. At the trial in the superior court, before Russell, J., the plaintiff introduced evidence tending to show that said Safford was the treasurer of that company in 1854 and…
1Opinion of the CourtBigelow, C. J.
The plaintiff rested his title to the notes declared on upon two grounds, either of which was sufficient to enable him to maintain his action. One was that the notes were transferred to him by the indorsement of the treasurer of the corporation in pursuance of a direct authority conferred on him at a meeting of the directors. There was evidence at the trial which tended strongly to sustain this ground. If such a transfer was made, the plaintiff held the notes by a title clearly legal and valid. The management and control of the prudential affairs of a corporation are by law vested in the…
2Cited by2 opinions
- First National Bank v. Colonial Hotel Co.Supreme Court of Pennsylvania · 1910
- Commercial National Bank v. BrillNebraska Supreme Court · 1893