National City Bank v. New York Gold Exchange Bank
New York Court of Appeals
Appeal from order of the General Term of the Supreme Court in the first judicial department, made Hay 9,1884, which affirmed, so far as appealed from by defendant, a judgment in favor of plaintiff, entered upon the report of a referee. This action was brought to recover balances alleged to be due upon two statements of gold transactions, the nature of which, as Avell as the material facts are set forth in the opinion.
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Appeal from order of the General Term of the Supreme Court in the first judicial department, made Hay 9,1884, which affirmed, so far as appealed from by defendant, a judgment in favor of plaintiff, entered upon the report of a referee. This action was brought to recover balances alleged to be due upon two statements of gold transactions, the nature of which, as Avell as the material facts are set forth in the opinion. The effect of an account stated is the same as a promissory note. There is an existing legal obligation to pay the amount so ascertained to be due. (Lockwood v. Thorne, 11 N. Y.…
1Opinion of the CourtMiller, J.
The defendant, being a banking corporation, had a department for the general clearance of contracts for the purchase and sale of gold, known as the “ clearing-house.” These clearances were made among those who dealt with the defendant, and were members of the clearing-house, each day by means of statements of purchases and sales of gold made by them being delivered to the defendant. The defendant in these transactions acted as the common agent of the dealers in gold in the settlement of the contracts made between them. It received the gold sold from the seller, as his agent, and delivered it…
2Cases cited1 opinion
- Fowler v. New York Gold Exchange BankNew York Court of Appeals · 1876
3Cited by1 opinion
- Seifter v. . Brooklyn Heights R.R. Co.New York Court of Appeals · 1901