Burnes v. New Mineral Fertilizer Co.
Massachusetts Supreme Judicial Court
Contract, against the New Mineral Fertilizer Company as maker of a negotiable promissory note for $750, payable to its own order, and against it and William N. McCrillis and William B. Arnold as indorsers, all indorsements being in blank.
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Contract, against the New Mineral Fertilizer Company as maker of a negotiable promissory note for $750, payable to its own order, and against it and William N. McCrillis and William B. Arnold as indorsers, all indorsements being in blank. Writ in the Municipal Court of the City of Boston dated April 15, 1913. On removal to the Superior Court, the case was tried before Lawton, J. At the close of the evidence, all parties waived trial by jury and, upon facts agreed upon and in evidence, the judge found as follows: The note was indorsed by the individual defendants before delivery without…
1Opinion of the CourtLoring, J.
The defendants’ first contention in this case is that where a negotiable security is deposited as collateral for a loan made in violation of the small loans act (St. 1911, c. 727, amended by St. 1912, c. 675), not only is the deposit of the security void, but the security itself, by force of that act, becomes a nullity, so that in case it is afterwards separated from the void loan and bought in good faith by an innocent purchaser for value, no recovery can be had upon it. They rely in this connection upon the cases in which it was held under the usury acts that no recovery could be had on…
2Cases cited6 opinions
- In re the Trust Estate of Woods, Weeks & Co.Court of Appeals of Maryland · 1879
- Fisher v. FisherMassachusetts Supreme Judicial Court · 1867
- Commonwealth v. McClanahanCourt of Appeals of Kentucky · 1859
- Third National Bank v. Eastern RailroadMassachusetts Supreme Judicial Court · 1877
- Beals v. MayherMassachusetts Supreme Judicial Court · 1899
1 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Bernhardt v. Atlantic Finance Corp.Massachusetts Supreme Judicial Court · 1942
- Cuneo v. BornsteinMassachusetts Supreme Judicial Court · 1929
- Munroe v. StanleyMassachusetts Supreme Judicial Court · 1915
- Paika v. PerryMassachusetts Supreme Judicial Court · 1917
- Seder v. GouldMassachusetts Supreme Judicial Court · 1931
6 more not listed; retrieve them via the Exa API.