Assets Realization Co. v. Mercantile National Bank
Appellate Division of the Supreme Court of the State of New York
Appeal by the plaintiff, Assets Realization Company, from an order of the Supreme Court, made at the New York Trial Term and entered in the office of the clerk of the county of New York on the 31st day of March, 1914, setting aside the verdict of a jury in plaintiff’s favor rendered by direction of the court after a special verdict had been received, and granting defendant’s motion for a new trial.
1Opinion of the Court
Laughlin, J.:
This is an action on an assigned claim to recover the balance of a depositor’s account with the defendant. The Metropolitan Steamship Company had a deposit account with the defendant, and was liable to it as guarantor of the payment of three notes for $100,000 each, made by George A. Fernald & Co., which the defendant discounted at the request and for the benefit of the guarantor. On the 31st day of January, 1908, the hank applied the balance of the account to the credit of its depositor on the indebtedness owing to it by the depositor as such guarantor. Two of the notes were due…
2Cases cited3 opinions
- Madison Square Bank v. PierceNew York Court of Appeals · 1893
- Twelfth Ward Bank v. BrooksAppellate Division of the Supreme Court of the State of New York · 1901
- Dix v. JaquayAppellate Division of the Supreme Court of the State of New York · 1904
3Cited by2 opinions
- Van Marel v. WatsonArizona Supreme Court · 1925
- In Re GarfunkelDistrict Court, S.D. New York · 1924