Benedict v. National Bank of the Commonwealth
New York Court of Common Pleas
Appeal by plaintiff from a judgment of this court, entered on a decision of a judge at trial term. The facts are as follows: On December 8th, 1869, the plaintiff loaned the firm of Wm. E. Gray & Go. the sum of $10,000 by a check for that amount, which was deposited by, and placed to the credit of, Gray &,Oo. in the National Bank of the Commonwealth.
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Appeal by plaintiff from a judgment of this court, entered on a decision of a judge at trial term. The facts are as follows: On December 8th, 1869, the plaintiff loaned the firm of Wm. E. Gray & Go. the sum of $10,000 by a check for that amount, which was deposited by, and placed to the credit of, Gray &,Oo. in the National Bank of the Commonwealth. As collateral security for such loan, the plaintiff received a $1,000 United States bond, and what purported to be a $10,000 bond of the State of New York. On December 10th, 1869, the plaintiff made a further loan to the same firm of $25,000, by a…
1Opinion of the Court
By the Court.*—Larremore, J. [after stating the facts].—
The principal questions involved in the consideration of this case are:
1st. Did the plaintiff, after full knowledge of the fraud, affirm the contract ? '
*1752d. Is he entitled to the fund held by the bank,'or any portion thereof, as the property loaned by him to Gray & Go. ?
It is a well settled principle of law that an innocent party to a fraudulent contract may rescind it, and sue in tort for the recovery of the identical property with which he has parted possession. And the rule is of equal authority that he may affirm such contract and…
2Cases cited7 opinions
- Morris v. . RexfordNew York Court of Appeals · 1859
- Silsbury & Calkins v. McCoon & ShermanNew York Court of Appeals · 1850
- Graves v. . DudleyNew York Court of Appeals · 1859
- Gordon v. . HostetterNew York Court of Appeals · 1867
- Seymour v. . WyckoffNew York Court of Appeals · 1851
2 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Baumann v. JeffersonNew York Court of Common Pleas · 1893
- Carrigan v. WashburnCity of New York Municipal Court · 1888
- Thorp v. PhilbinCity of New York Municipal Court · 1888