Laverty v. Burr
New York Supreme Court
This was an action of assumpsit by the planififfs, as second endorsers against the defendants as first endorsers of a promissory note made by W. H. Allen. Allen was indebted to the plaintiffs for merchandize, for which they held his note. On its becoming due, the plaintiffs, by their agent, P. Hosmer, agreed to give him day of payment, on his making a new note, and procuring the endorsement of Smith and Jenkins, a mercantile firm in Hudson.
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This was an action of assumpsit by the planififfs, as second endorsers against the defendants as first endorsers of a promissory note made by W. H. Allen. Allen was indebted to the plaintiffs for merchandize, for which they held his note. On its becoming due, the plaintiffs, by their agent, P. Hosmer, agreed to give him day of payment, on his making a new note, and procuring the endorsement of Smith and Jenkins, a mercantile firm in Hudson. Allen procured the endorsement of the firm of Burr and Baldwin, the defendants in this cause, and on the agent of plaintiffs refusing to accept it, he…
1Opinion of the Court
By the Court,
Sutherland, J.
Ifosmer, the agent of the plaintiffs, took the note in question for a debt due from Allen, the maker, to them, He refused to take Allen’s note without security. The security given was" the endorsement of Burr and Baldwin, the defendants, and of Smith and Jenkins, the second endorsers. The plaintiffs, therefore, knew when they took the note, that the endorsement of the defendant was made by one of the partners, in the name of the firm, as security for Allen, and not for a debt due from the firm. The partner who did not sign the note, is not bound by it under such…
2Cases cited1 opinion
- Livingston v. HastieNew York Supreme Court · 1804
3Cited by24 opinions
- Farmers & Mechanics' Bank v. Butchers & Drovers' BankNew York Court of Appeals · 1857
- Smith v. . WestonNew York Court of Appeals · 1899
- Mauldin v. Branch Bank at MobileSupreme Court of Alabama · 1841
- First National Bank v. FarsonNew York Court of Appeals · 1919
- Farmers Mech.' Bank of Kent v. . Butchers Drovers' Bk.New York Court of Appeals · 1856
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