Farmers' Bank of Saratoga Co. v. Maxwell
New York Court of Appeals
This action was brought by the plaintiff, as holder and owner of a promissory note made by the defendant, as follows : “ $300. Buffalo, November 30, 1853. “ One year from date I promise to pay James bToxon, Esq., Secretary, or order, three hundred dollars, for value received, at Attica Bank, Buffalo. “ J. MAXWELL. “ (Indorsed) Jas. ÜSToxon, Sec’y.”
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This action was brought by the plaintiff, as holder and owner of a promissory note made by the defendant, as follows : “ $300. Buffalo, November 30, 1853. “ One year from date I promise to pay James bToxon, Esq., Secretary, or order, three hundred dollars, for value received, at Attica Bank, Buffalo. “ J. MAXWELL. “ (Indorsed) Jas. ÜSToxon, Sec’y.” The plaintiff claimed to be the owner and holder of the note, having discounted the same, and as such by the complaint demanded judgment. The defense was a general denial, and also that the note was given for the premium for insurance for $5,000 on…
1Opinion of the Court
The note was given on the day of its date, November 30, 1853, to the insurance company, in consideration of a policy of insurance that day issued. The note is not conditional in its terms, but is payable, absolutely, on a day certain and at a fixed place. It is an ordinary promissory note, and, so far as appears on its face, it may have been given to the company as well for money loaned as for a policy issued. On the 31st day of December following this note was discounted by the plaintiff for the insurance company, in the usual and ordinary course of business, and the money proceeds of the…
2Cited by2 opinions
- Mygatt v. New York Protection InsuranceNew York Court of Appeals · 1860
- In re EllardNew York Supreme Court · 1909