Brown v. . Leavitt
New York Court of Appeals
Appeal from the Superior Court of the city of Hew York. The action was brought upon a promissory note made by the defendants’ firm, for $603.10, dated March 27, 1861, payable nine months after date to the order of J. F. Zebley & Co. The defense set up was fraud on the part of Zebley & Co., in obtaining the note, and a total failure of consideration therefor.
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Appeal from the Superior Court of the city of Hew York. The action was brought upon a promissory note made by the defendants’ firm, for $603.10, dated March 27, 1861, payable nine months after date to the order of J. F. Zebley & Co. The defense set up was fraud on the part of Zebley & Co., in obtaining the note, and a total failure of consideration therefor. On the trial the defendants showed by John F. Zebley, that the plaintiff held a note of $1,500, made by Zebley & Co., which matured in February, 1862; that for the purpose of settling that note, J. F. Zebley & Co. and plaintiff’s testator…
1Opinion of the CourtDavis, J.
The note in suit was indorsed and delivered by Zebley & Co. to plaintiff’s testator, before it fell due, in payment, so far as it went, of a larger note than held by the testator. It was received with other notes, and a balance in cash, as such payment of the larger note, delivered up to Zebley & Co.
In this State it is settled by abundant authority that this transaction constituted the plaintiff’s testator a holder, for value, of the note in question. (Bank of Salina v. Babcock, 21 Wend., 499; Bank of St. Albans v. Gilleland, 23 id., 311; Bank of Sandusky v. Scoville, 24 id., 115; White v.…
2Cases cited2 opinions
- Bank of Salina v. BabcockNew York Supreme Court · 1839
- Stettheimer v. MeyerNew York Supreme Court · 1860
3Cited by35 opinions
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- Lawrence v. . ClarkNew York Court of Appeals · 1867
- Cowing v. . AltmanNew York Court of Appeals · 1877
- Pratt v. . ComanNew York Court of Appeals · 1868
- Mayer v. . HeidelbachNew York Court of Appeals · 1890
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