Duncan v. Stanton
New York Supreme Court
THIS case came before the court on an appeal from a judgment rendered by Justice Clerks, in May, 1858. The action was brought to recover the amount of a note for $66.25, made by the defendants on the 19th of March, 1856, payable to the Farmers and Mechanics’ Insurance Company, three months after date, and indorsed to the plaintiffs before the same became due.
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THIS case came before the court on an appeal from a judgment rendered by Justice Clerks, in May, 1858. The action was brought to recover the amount of a note for $66.25, made by the defendants on the 19th of March, 1856, payable to the Farmers and Mechanics’ Insurance Company, three months after date, and indorsed to the plaintiffs before the same became due. On the trial, the defendants claimed a right to set-off against said note, damages due from the Farmers and Mechanics’ Insurance Company of Philadelphia, for losses under a policy of insurance effected with them by the defendants. This…
1Opinion of the Court
By the Court, Ingraham, J.
1. The title to a promissory note may be made by mere delivery, without any written assignment; and the delivery of the note in suit to the plaintiffs, by the authority of the Farmers and Mechanics’ Insurance Company, vested in the plaintiffs the legal title to the note. v
2. The object of the transfer was to place under the control of the plaintiffs, as trustees, a fund to be held by them in trust for the payment of all losses on insurances to be effected with the plaintiffs, as agents for the company. The object was to secure all subsequent insurances made by the-…
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