Mechanics' Banking Ass'n v. New York & Saugerties White Lead Co.
New York Supreme Court
Appeal from judgment in favor of plaintiff against defendants. The plaintiff sued to recover the amount of a promissory note, drawn hy James B. Townsend and dated the 19th day of March, 1855, for the sum of $1,250, payable seventy-five days after date to the order of the New York and Saugerties White Lead Company, and indorsed by them and the other defendant, and discounted by the plaintiffs in good faith before maturity and for value.
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Appeal from judgment in favor of plaintiff against defendants. The plaintiff sued to recover the amount of a promissory note, drawn hy James B. Townsend and dated the 19th day of March, 1855, for the sum of $1,250, payable seventy-five days after date to the order of the New York and Saugerties White Lead Company, and indorsed by them and the other defendant, and discounted by the plaintiffs in good faith before maturity and for value. The note was discounted at the instance of the last named defendant who received the proceeds in whole or in part, the evidence being conflicting, whether the…
1Opinion of the Court
Hogeboom, Justice.
I think this judgment must be affirmed, for the reasons stated in the opinion of the learned justice who tried this cause. The authority of McCullough *510to sign and indorse notes for the White Lead Company, is sufficiently established. Townsend was an accommodation maker of the note. The evidence leaves it doubtful whether the New York and Saugerties White Lead Company was an accommodation or business indorser of the note, and the learned judge has not explicitly found that fact. But assuming’ that it was only an accommodation indorser, it appears that the note was a…
2Cases cited2 opinions
- Farmers & Mechanics' Bank v. Butchers & Drovers' BankNew York Court of Appeals · 1857
- Wyckoff v. RemsenNew York Court of Chancery · 1845