Lomax v. Smyth & Co.
Supreme Court of Iowa
Appeal from Humboldt District Court. On the 3d day of February, 1874, George B. Smyth & Co., which the evidence shows is in fact George B. Smyth,' drew and duly indorsed, in Keokuk, a draft payable to their own order on Cragin & Co., New York city, for twelve thousand dollars, due four months from date. On the same day the estate of B. F. Moody purchased this draft from George B. Smyth & Co., paying therefor eleven thousand five hundred and ninety dollars.
Read the full summary
Appeal from Humboldt District Court. On the 3d day of February, 1874, George B. Smyth & Co., which the evidence shows is in fact George B. Smyth,' drew and duly indorsed, in Keokuk, a draft payable to their own order on Cragin & Co., New York city, for twelve thousand dollars, due four months from date. On the same day the estate of B. F. Moody purchased this draft from George B. Smyth & Co., paying therefor eleven thousand five hundred and ninety dollars. The draft was duly accepted by Cragin & Co., payable at Fourth National Bank, New York city. Before the draft matured Cragin & Co. became…
1Opinion of the CourtDay, J.
I. The plaintiffs retain the acceptance of Cragin & Co., and have refused to deliver it to the defendants. Upon the part of the defendants it is claimed that the note sued on was given in purchase of the draft in question, and that, because of the refusal of the plaintiffs to surrender the draft, there is a failure of consideration for the execution of the note. Upon the other hand the plaintiffs insist that the note, and the conveyances securing it, were intended merely as collateral security for the draft; that it was never contemplated that the draft should be surrendered; that the…
2Cases cited4 opinions
- Hughes v. BowenSupreme Court of Iowa · 1863
- Allen v. HarrahSupreme Court of Iowa · 1870
- Cheshire v. TaylorSupreme Court of Iowa · 1870
- Havens v. TalbottIndiana Supreme Court · 1858
3Cited by13 opinions
- Bank of Commerce v. WilliamsWyoming Supreme Court · 1937
- Dunlap v. ThomasSupreme Court of Iowa · 1886
- Burke v. DillinSupreme Court of Iowa · 1894
- Collier v. SmaltzSupreme Court of Iowa · 1910
- Gibson v. McIntireSupreme Court of Iowa · 1900
8 more not listed; retrieve them via the Exa API.