In re Stevens & Adams
Supreme Court of Vermont
Appeal in Chancery. Heard upon a special master’s report at the March Term, 1901, Franklin County, Start, Chancellor, presiding. Decree disallowing the claim. The claimant appealed. Thie agreement made by the bank that it would not press for payment of any of the paper of C. P. Stevens & Co., of Troy, either valid or disputed, afforded a sufficient consideration for the drafts. Lamson v. Lcmnson, 52 Vt. 595. The acceptor cannot plead want of consideration.
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Appeal in Chancery. Heard upon a special master’s report at the March Term, 1901, Franklin County, Start, Chancellor, presiding. Decree disallowing the claim. The claimant appealed. Thie agreement made by the bank that it would not press for payment of any of the paper of C. P. Stevens & Co., of Troy, either valid or disputed, afforded a sufficient consideration for the drafts. Lamson v. Lcmnson, 52 Vt. 595. The acceptor cannot plead want of consideration. Nowak v. Excelsior Co., 78 111. 307; Daniels on Neg. Inst. ss. 533, 535> 5371 Byles on Bills, 202 et seq.; Story on Bills, s. 262; 2…
1Opinion of the CourtWatson, J.
On April 9, 1897, Lamoille County National Bank held an overdue draft for one thousand dollars, drawn by C. P. Stevens & Co. of Troy, payable to the order of D. PI. Buck, at said bank, accepted by R. W. Adams and C. P. Stevens & Co'. of Richford, and indorsed by D. H. Buck, C. P. Stevens, and R. W. Adams.
The acceptance by the latter firm was solely for the accommodation of the former firm, which' consisted of C. P. Stevens, D. H. Buck, and one George E. Young. Buck kept the books and attended to the financial business of the concern. The bank seeks to have this draft allowed against the firm…
2Cases cited9 opinions
- McDaniels v. LaphamSupreme Court of Vermont · 1849
- Connecticut River Lumber Co. v. BrownSupreme Court of Vermont · 1895
- Arnold v. SpragueSupreme Court of Vermont · 1861
- McGlynn v. BillingsSupreme Court of Vermont · 1844
- Dixon v. DixonSupreme Court of Vermont · 1859
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