Howland v. Currier
Supreme Court of New Hampshire
Assumpsit, upon a guaranty. Trial by jury and verdict for the plaintiff. March 15, 1892, the defendant, as agent of a loan and building company in Minnesota, sold and delivered to the plaintiff the company’s certificate for twenty shares of stock' ($2,000), payable to the plaintiff’ or the legal holder of the certificate, in ten years, with interest according to the coupons attached thereto, upon their presentation and surrender at the company’s office.
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Assumpsit, upon a guaranty. Trial by jury and verdict for the plaintiff. March 15, 1892, the defendant, as agent of a loan and building company in Minnesota, sold and delivered to the plaintiff the company’s certificate for twenty shares of stock' ($2,000), payable to the plaintiff’ or the legal holder of the certificate, in ten years, with interest according to the coupons attached thereto, upon their presentation and surrender at the company’s office. There was the further provision that it should be redeemed at its face value with accrued interest, at any time after three years from date,…
1Opinion of the CourtPike, J.
The plaintiff was not bound to exhaust his legal remedy against the company before bringing suit against the defendant. He was only bound to take such steps as were necessary to establish their default. Bank v. Sinclair, 60 N. II. 100, 106-109; McDonald v. Fernald, 68 N. H. 171. Such default was established when, after the principal became payable, the company failed to redeem on presentment of the certificate through the bank.
The present value of the certificate was immaterial, and testimony regarding it was properly excluded.
As the guaranty was written upon the certificate, it would…
2Cases cited2 opinions
- Bank of Newbury v. SinclairSupreme Court of New Hampshire · 1880
- McDonald v. FernaldSupreme Court of New Hampshire · 1894