Rosa v. . Butterfield
New York Court of Appeals
These are appeals from the General Term of the fifth dis trict, affirming judgments entered on the reports of a referee. The defendants were sued as guarantors of two notes made by the Black River and Utica Railroad Company, a corporation organized under the laws of this State.
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These are appeals from the General Term of the fifth dis trict, affirming judgments entered on the reports of a referee. The defendants were sued as guarantors of two notes made by the Black River and Utica Railroad Company, a corporation organized under the laws of this State. The notes of the corporation were in the form following: “ $15,000. One year from date, for value received, the Black River and Utica Railroad Company promise to pay M. V. Y. Rosa or bearer fifteen thousand dollars, at the office of the American Express Company, in the city of New York, with interest at the rate of…
1Opinion of the CourtDavis, J.
The notes of the corporation had no legal inception until their delivery to plaintiff. The defendants as guarantors occupied the relation of sureties of the corporation, and no liability attached to them until the notes became operative in plaintiff’s hands by the consummation. of the transaction between him and the cqmpany. Their contract with plaintiff in each case was the guaranty of the payment of a loan of money on which interest at the rate of twelve.per cent had been stipulated for and reserved. It is of no moment that their liability for the interest is limited to seven per cent, as…
2Cases cited5 opinions
- Curtis and Others v. . LeavittNew York Court of Appeals · 1857
- Butterworth v. . O'BrienNew York Court of Appeals · 1861
- Southern Life Insurance and Tr. Co. v. . Packer PrenticeNew York Court of Appeals · 1858
- First National Bank v. Ocean National BankNew York Court of Appeals · 1875
- Butterworth v. O'BrienNew York Supreme Court · 1858
3Cited by58 opinions
- Hammelburger v. Foursome Inn Corp.New York Court of Appeals · 1981
- Dickinson v. . EdwardsNew York Court of Appeals · 1879
- Union Estates Co. v. . Adlon Construction Co.New York Court of Appeals · 1917
- Belmont Branch of State Bank of Ohio v. HogeNew York Court of Appeals · 1866
- Brierley v. Commercial Credit Co.District Court, E.D. Pennsylvania · 1929
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