Johnson v. . Clark
New York Court of Appeals
This Avas an action to charge the Defendants as acceptors of a draft, upon a written promisé to accept, under the statute (1 R. S. Y68, § 8). The promise in this case was a telegram from the Defendants in New York, to one Ingraham at Washington, authorizing him to draw on them for $95, at twenty days’ sight. Ingraham drew for the sum named, at twenty days from date.
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This Avas an action to charge the Defendants as acceptors of a draft, upon a written promisé to accept, under the statute (1 R. S. Y68, § 8). The promise in this case was a telegram from the Defendants in New York, to one Ingraham at Washington, authorizing him to draw on them for $95, at twenty days’ sight. Ingraham drew for the sum named, at twenty days from date. The Plaintiffs discounted the draft on the faith of the Defendants’ telegram, and the draft was presented to Defendants, who refused acceptance because it did not conform to the authority to draw. This draft was dated Juue 4,1859…
1Opinion of the CourtDwight, J.
The statute upon which this action is based provides that “An unconditional promise, in writing, to accept a bill before it is drawn, shall be deemed an actual acceptance in favor of every person who, upon tbe faith thereof, shall have received the bill for a valuable consideration.”
The telegraphic authority to draw was an unconditional promise to accept, within the statute (Ulster Co. Bank v. McFarlan, 5 Hill, 432); and, on the authority of the same case, it is conceded that the promise covered only a draft at twenty days’ sight, and that the Defendants were not bound to accept Ingraham’s…
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- Ozburn v. Corn Exchange National BankAppellate Court of Illinois · 1917
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