Smythe v. Graydon
New York Supreme Court
Action to recover five promissory notes amounting to $4,582.41, made by the defendants, composing the firm of Graydon, McCreery & Co. On March 1, 1861, the plaintiffs, holding the notes in suit, made a composition with the defendants and others of their creditors, by which they agreed to accept in full, fifty per centum of their notes, payable at an average of twelve months from April 1,1861; they to deposit their notes with William Watt until the fifty per centum should be…
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Action to recover five promissory notes amounting to $4,582.41, made by the defendants, composing the firm of Graydon, McCreery & Co. On March 1, 1861, the plaintiffs, holding the notes in suit, made a composition with the defendants and others of their creditors, by which they agreed to accept in full, fifty per centum of their notes, payable at an average of twelve months from April 1,1861; they to deposit their notes with William Watt until the fifty per centum should be paid; and it was further provided that should Graydon, McCreery & Co. find it necessary to make an assignment, and by…
1Opinion of the CourtSutherland, J.
The agreement or composition deed
contained the provision “ that if the said Graydon, McCreery & Co., shall'find it necessary to make an assignment Or other general disposition of their property, and shall secure the payment of the said fifty per cent, of our debts, either by preference in such assignment (after confidential debts), or by turning out property or collaterals to secure the same, and if by such means we shall eventually receive payment to the extent of said fifty per cent., then, and without regard to the time above limited, such payment shall be in full discharge of our…
2Cited by1 opinion
- Chemical Nat'l Bank of N.Y. v. . KohnerNew York Court of Appeals · 1881