Welch v. . Sage
New York Court of Appeals
Appeal from an order of the General Term of the Supreme Court in the second judicial district, reversing order of Special Term and granting a new trial. The plaintiff had recovered at the circuit. The action was trover, to recover the value of three one thousand dollar coupon bonds of the Milwaukie and St. Paul Bailroad Company, which were payable to bearer.
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Appeal from an order of the General Term of the Supreme Court in the second judicial district, reversing order of Special Term and granting a new trial. The plaintiff had recovered at the circuit. The action was trover, to recover the value of three one thousand dollar coupon bonds of the Milwaukie and St. Paul Bailroad Company, which were payable to bearer. The bonds had been delivered by the plaintiff to Mr. Thomas, a broker, to take to the defendant, who was an officer of the Milwankie and St. Paul Railroad Company, and to sell them to him. The defendant received the bonds, and refused to…
1Opinion of the CourtPeckham, J.
The law may be regarded as settled, that a purchaser, for value advanced, of negotiable paper, including bonds, is not bound to exercise such care and caution as wary, prudent men would exercise. ¡Negligence will not impair his title. It is a question simply of good faith in the purchaser. Unless the evidence makes out a case upon which a jury would be authorized to find fraud or bad faith in the purchaser, it is the duty of the court to direct a verdict. (Belmont v. Hoge, 35 N. Y., 67; Birdsall v. Russell, 29 id., 249; Goodman v. Simonds, 20 How. U. S., 365; Murray v. Lardner, 2 Wall., 121;…
2Cases cited2 opinions
- Murray v. LardnerSupreme Court of the United States · 1865
- Hodges v. . ShulerNew York Court of Appeals · 1860
3Cited by39 opinions
- Chapman v. . RoseNew York Court of Appeals · 1874
- Merchants' Bank v. McClellandSupreme Court of Colorado · 1886
- Cass v. . HigenbotamNew York Court of Appeals · 1885
- Ledwich v. . McKimNew York Court of Appeals · 1873
- Comstock v. HannahIllinois Supreme Court · 1875
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