Spencer v. . Ballou
New York Court of Appeals
Appeal from the Supreme Court. Action against the defendant as indorser of a promissory note, tried at the Oneida circuit, before Mr. Justice W. F. Allen, without a jury in October, 1853. The note was made by F. Hollister, for $1,398.71, dated May 22d, 1852, and payable three months-thereafter, to the order of George C. Tallman, at the Oneida Bank, with interest, and was indorsed by Tallman and by the defendant.
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Appeal from the Supreme Court. Action against the defendant as indorser of a promissory note, tried at the Oneida circuit, before Mr. Justice W. F. Allen, without a jury in October, 1853. The note was made by F. Hollister, for $1,398.71, dated May 22d, 1852, and payable three months-thereafter, to the order of George C. Tallman, at the Oneida Bank, with interest, and was indorsed by Tallman and by the defendant. At the trial, the plaintiff proved the note, the demand of payment at its maturity by a notary public, and the protest and notice of the protest to the defendant. The plaintiff…
1Opinion of the CourtStrong, J.
The defendant insists that there was no consideration for his agreement as indorser, and that presents the first question for consideration.
The note was given to take up the three notes in the bank; at whose request, or whether at the request of either of the parties to it, or for whose benefit, is not expressly stated. The just inference in regard to the persons to be benefited is, that it was designed to be for the mutual benefit of the holders and indorsers of the other notes. They were equally liable for the payment of those notes, and might equally resort to the maker for payment on…
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