Ticonic Bank v. Smiley
Supreme Judicial Court of Maine
The parties agreed upon a statement of facts. This is an action of assumpsit. A copy of the note which is the subject matter of this suit is to be made a part of this case with the indorsement thereon. In the fall of 1837, one Thomas Smiley took the said note of the defendant, and lodged it with the Ticonic Bank as collateral security for an execution, which the bank then held against him, the said Thomas Smiley. At this time the note was not indorsed.
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The parties agreed upon a statement of facts. This is an action of assumpsit. A copy of the note which is the subject matter of this suit is to be made a part of this case with the indorsement thereon. In the fall of 1837, one Thomas Smiley took the said note of the defendant, and lodged it with the Ticonic Bank as collateral security for an execution, which the bank then held against him, the said Thomas Smiley. At this time the note was not indorsed. Within a few days afterwards the attorney of the bank called on David Smiley, (the defendant,) to indorse it, and told him that T. Smiley had…
1Opinion of the Court
The opinion of the Court was drawn up by
Whitman C. J.
This being an action of assumpsit, to maintain it, there must be evidence of a promise, either express or implied. It is not pretended that there was any express promise. Was there an implied one? The defendant was the holder of a note of hand, made to him by one Homans, and lent it to Thomas Smiley, in order that he might pledge it to the plaintiffs, and thereby obtain delay of payment for a debt he owed them; and he having deposited it for that purpose, before it had been indorsed by the defendant, an agent of the plaintiffs called on him…
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