Abercrombie v. Knox
Supreme Court of Alabama
Appeal from the Chancery Court at Talladega. THE bill states that one Walker drew a bill of exchange on the defendant Riddle, for three thousand five'hundred and twenty dollars forty-three cents, payable at the Bank at Montgomery, which bill was accepted by Riddle; and which at the instance and persuasion of Riddle, and on his assurance that there was no risk, complainant indorsed it; that the bill was also indorsed by T. Maddox and D. Conner, — and afterwards andinthe…
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Appeal from the Chancery Court at Talladega. THE bill states that one Walker drew a bill of exchange on the defendant Riddle, for three thousand five'hundred and twenty dollars forty-three cents, payable at the Bank at Montgomery, which bill was accepted by Riddle; and which at the instance and persuasion of Riddle, and on his assurance that there was no risk, complainant indorsed it; that the bill was also indorsed by T. Maddox and D. Conner, — and afterwards andinthe regular course of trade, became the property of Knox, Snodgrass & Co. The bill not being paid at maturity, separate suits…
1Opinion of the CourtOrmond, J.
There is no equity in this bill so far as it relates to the holder of the bill of exchange, Knox & Co. The acceptor of the bill is certainly primarily liable, and the liabili*731ty of the other parties to the bill, as it regards the holder is conditioned upon his default. If at the maturity of the bill, the acceptor refuses to pay on demand, and the drawer and indor-sers are duly notified of the fact, each of them becomes absolutely responsible to the holder for the amount of the bill; and he may prosecute a suit for its recovery against one or all of them, at his election, although he can have…
2Cited by7 opinions
- Scarbrough v. City National BankSupreme Court of Alabama · 1908
- Bingham v. MearsNorth Dakota Supreme Court · 1894
- Kroncke v. MadsenNebraska Supreme Court · 1898
- Alabama Bank & Trust Co. v. GarnerSupreme Court of Alabama · 1932
- Bank of Alabama v. GoddenSupreme Court of Alabama · 1849
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