Jackson v. Richards
New York Supreme Court
Assumpsit by the holder of a promissory note against the second endorser. The maker being indebted to some English creditors, the plaintiff agreed to take his note for 15s. in the pound, with two endorsers. In consequence of this arrangement, the note in question was made, and delivered over to Jackson.
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Assumpsit by the holder of a promissory note against the second endorser. The maker being indebted to some English creditors, the plaintiff agreed to take his note for 15s. in the pound, with two endorsers. In consequence of this arrangement, the note in question was made, and delivered over to Jackson. The three days of grace expiring on Sunday, and the 'maker having become insolvent, notice of non-payment was given to the defendant on the Monday following, but, before any demand on the drawer, which, though on that day, was not made till after therirotice of non-payment. The case was…
1Opinion of the Court
KeNT, Ch. J.,
delivered the opinion of the court. This case presents two questions: First, whether the usual and due means have been taken to fix the defendants as endorser of the note ? Secondly, if not, then, whether the circumstances of the case rendered those means unnecessary ? Generally, to fix an endorser, the holder must demand, or use due diligence to get, payment of the maker when the note becomes payable; and, on his default, he must use due diligence in giving notice thereof to the endorser. The demand of payment from the drawer must be made on the third day of grace, and within a…
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