Ketchum v. Stevens
New York Court of Appeals
Appeal from the Superior Court of the city of New York. Action to rescind a contract, which was alleged to be this: That the plaintiffs should pay to the defendant a loan which it had made to Robert and G. L. Schuyler of $25,000, with interest, in consideration of which the defendant should transfer to the plaintiffs the Schuylers’ notes, given on the loan, and three hundred and seventy shares of the capital stock of the New York and New Haven Railroad Company, held by the…
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Appeal from the Superior Court of the city of New York. Action to rescind a contract, which was alleged to be this: That the plaintiffs should pay to the defendant a loan which it had made to Robert and G. L. Schuyler of $25,000, with interest, in consideration of which the defendant should transfer to the plaintiffs the Schuylers’ notes, given on the loan, and three hundred and seventy shares of the capital stock of the New York and New Haven Railroad Company, held by the defendant as collateral security for the loan, and should also pay to the plaintiffs a check for $10,000, held by them…
1Opinion of the CourtDenio, J.
If the plaintiffs had, as they have alleged in the complaint, purchased of the defendant the notes which the latter held against E. & Gr. L. Schuyler, both parties to the contract understanding at the time that, although the makers were insolvent, the notes were secured by the hypothecation of three hundred and seventy shares of New York and New Haven Eailroad stock, of which hypothecation the plaintiffs were to have the benefit, then, as it turned out that there was really no stock hypothecated, the defendant having been imposed on by fraudulent certificates, I think the plaintiffs, upon…
2Cases cited5 opinions
- Wheadon v. OldsNew York Supreme Court · 1838
- Markle v. HatfieldNew York Supreme Court · 1807
- Horton v. . MorganNew York Court of Appeals · 1859
- Burr v. VeederNew York Supreme Court · 1829
- Defreeze v. TrumperNew York Supreme Court · 1806
3Cited by7 opinions
- Savings and Loan Society v. ThompsonCalifornia Supreme Court · 1867
- Horner v. BeasleyCourt of Appeals of Maryland · 1907
- Bolton v. JacksThe Superior Court of New York City · 1868
- Fowler v. McPheeColorado Court of Appeals · 1899
- Fowler v. McPheeColorado Court of Appeals · 1899
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