Nelson v. Wellington
The Superior Court of New York City
This action was brought to recover from the defendant, as maker, the amount of a promissory note dated November 24th, 1855, for $351.25, payable eight months after date, to the order of The Atlas Mutual Insurance Company.
Read the full summary
This action was brought to recover from the defendant, as maker, the amount of a promissory note dated November 24th, 1855, for $351.25, payable eight months after date, to the order of The Atlas Mutual Insurance Company. And the plaintiffs sued as Trustees of an express trust under the agreement made on the 15th of January, 1856, between the Company and Nelson, Sturges, Massey, Smith and others, set out in the foregoing report of the case of Holbrook v. Basset, (pp. 152,153,) and averred that the parties to that agreement made and loaned their notes to the Company which were used as required…
1Opinion of the Court
By the Court—Woodruff, J.
So far as the questions involved in this case were considered in Holbrook v. Basset et al., now decided, the opinion of the Court in that case may be taken as our opinion in this. We there hold that the agreement, in pursuance of which the plaintiffs received a transfer of the note in question, is not void as a violation of the statute forbidding a transfer of effects for the use or benefit of a moneyed corporation, unless it be made to the corporation directly and by name; that the due transfer of collateral securities, valid in the hands of the Company, made to the…
2Cases cited2 opinions
- Central Bank of Brooklyn v. LangThe Superior Court of New York City · 1857
- Brown v. WardThe Superior Court of New York City · 1854
3Cited by6 opinions
- McCarty v. KepretaNorth Dakota Supreme Court · 1913
- Whitteker v. Charleston Gas Co.West Virginia Supreme Court · 1880
- Automobile Insurance v. Hamburg-Amerika LineCity of New York Municipal Court · 1937
- Handy v. SibleyOhio Supreme Court · 1888
- Nelson v. . EatonNew York Court of Appeals · 1863
1 more not listed; retrieve them via the Exa API.