Union Bank v. . Coster's Executors
New York Court of Appeals
On the 29th of Hay, 1841, Heckscher “New-York, 29 May, 1841. Sir: We hereby agree to accept and pay at maturity any draft or drafts on us at sixty days’ sight, issued by Messrs. Kohn, Daron & Co. of your city, to the extent of twenty-five thousand dollars, and negotiated through your bank. We are respectfully, sir, your obd’t serv’ts. Heckscher & Coster.”
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On the 29th of Hay, 1841, Heckscher “New-York, 29 May, 1841. Sir: We hereby agree to accept and pay at maturity any draft or drafts on us at sixty days’ sight, issued by Messrs. Kohn, Daron & Co. of your city, to the extent of twenty-five thousand dollars, and negotiated through your bank. We are respectfully, sir, your obd’t serv’ts. Heckscher & Coster.” At the foot of the letter of credit was a guaranty executed at the same time by John G. Coster, as follows: “ I hereby guarantee the due acceptance and payment of any draft issued in pursuance of the above credit. John G. Coster.” On the…
1Opinion of the CourtPratt, J.
Contracts of guaranty differ from other ordinary simple contracts only in the nature of the evidence required to establish their validity. - The statute requires every special promise to answer for the debt, default or miscarriage of another, to be in writing subscribed by the party to be charged thereby, and expressing therein the consideration; and no parol evidence will be allowed as a substitute for these requirements of the statute. But in other respects the same rules of construction and evidence apply to contracts of this character which apply to other ordinary contracts. Hence the…
2Cases cited11 opinions
- Douglass v. HowlandNew York Supreme Court · 1840
- Adams, Cunningham & Co. v. JonesSupreme Court of the United States · 1838
- Cremer v. HigginsonU.S. Circuit Court for the District of Massachusetts · 1817
- Rogers v. KneelandNew York Supreme Court · 1833
- Allen v. RightmereNew York Supreme Court · 1823
6 more not listed; retrieve them via the Exa API.
3Cited by40 opinions
- Davenport v. StrattonCalifornia Supreme Court · 1944
- Evansville National Bank v. KaufmannNew York Court of Appeals · 1883
- Wills v. RossIndiana Supreme Court · 1881
- Howe Machine Company v. . FarringtonNew York Court of Appeals · 1880
- Barns v. . BarrowNew York Court of Appeals · 1874
35 more not listed; retrieve them via the Exa API.