Louden v. Tiffany
Supreme Court of Pennsylvania
ERROR to the Common Pleas of Cumberland county. Jacob Byerly, for the use of Henry Tiffany, against William M. Louden. This was an action of debt founded upon the sealed note of the defendant and others in the following words:— Kingstown, August 1st 1837. “We jointly and severally promise to pay to Jacob Byerly or order the sum of five hundred dollars on the first day of February 1839, with lawful interest for the same from this date, without defalcation, for value received.
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ERROR to the Common Pleas of Cumberland county. Jacob Byerly, for the use of Henry Tiffany, against William M. Louden. This was an action of debt founded upon the sealed note of the defendant and others in the following words:— Kingstown, August 1st 1837. “We jointly and severally promise to pay to Jacob Byerly or order the sum of five hundred dollars on the first day of February 1839, with lawful interest for the same from this date, without defalcation, for value received. Witness our hands and seals this day.” This note was assigned to Tiffany on the 7th January 1838, and of which Louden…
1Opinion of the Court
The opinion of the Court was delivered by
Rogers, J.
We agree with most of the positions assumed by the court, although we cannot concur with the conclusions drawn from them. Thus, as a general rule, it is true, that the assignee of a bond takes it subject to every equity and defalcation it is liable to in the hands of the assignor at the date of the assignment, and notice of it given to the obligor. It is, we grant, optional with the obligor, whether he will avail himself of the rule of law established for his benefit, as well as others similarly situated, or preclude himself from this…
2Cases cited5 opinions
- Henniss v. PageSupreme Court of Pennsylvania · 1838
- M'cullough, Asignee v. HoustonSupreme Court of the United States · 1789
- Lewis v. ReederSupreme Court of Pennsylvania · 1824
- Ridgway v. Farmers' Bank of Bucks CountySupreme Court of Pennsylvania · 1825
- Lighty v. BrennerSupreme Court of Pennsylvania · 1826
3Cited by6 opinions
- Aarons v. Public Service Building & Loan Ass'nSupreme Court of Pennsylvania · 1935
- Reed v. Penrose's ExecutorsSupreme Court of Pennsylvania · 1859
- Gutchess v. . DanielsNew York Court of Appeals · 1872
- Citizens Trust Co. v. Trunk, Pennsylvania Court of Common Pleas, Clarion County1937
- Lovett v. KingIndiana Supreme Court · 1861
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