The City Bank of Columbus v. . Bruce and Fox
New York Court of Appeals
Appeal from the Superior Court of Buffalo. The action was on a promissory note, in these words: “$5,000. “ Buffalo, November 12th, 1849. “ Two years after date, on demand, we or either of us promise to pay, to the order of the Columbus Insurance Company, five thousand dollars, with interest at six per cent per annum, payable semi-annually on the first days of June and December of each year, for value received. “Elijah K. Bbuce, “Watsón A. Fox.”
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Appeal from the Superior Court of Buffalo. The action was on a promissory note, in these words: “$5,000. “ Buffalo, November 12th, 1849. “ Two years after date, on demand, we or either of us promise to pay, to the order of the Columbus Insurance Company, five thousand dollars, with interest at six per cent per annum, payable semi-annually on the first days of June and December of each year, for value received. “Elijah K. Bbuce, “Watsón A. Fox.” Indorsed: “E. F. Dbake, Pres’t.” Upon the trial before Mr. Justice Clinton and a jury, the plaintiff proved that it was a banking corporation…
1Opinion of the CourtSelden, J.
Among the numerous points raised upon the trial of this cause, there are several which,' in the view I take of the case, it will be found unnecessary to consider. It is insisted, on the part of the defendants, that the note upon which the action is brought was invalid in the hands of the Columbus Insurance Company, because it was given for a subscription to the stock of the company, without a compliance with the provisions of section two of the charter; which requires, among other things, that at the time of subscribing there should be paid upon each share $5, and that the balance should be…
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