Smith v. . Felton
New York Court of Appeals
Appeal from the judgment of the General Term of the Superior Court of Buffalo, directing judgment for the plaintiffs, on a verdict rendered at the circuit, where the exceptions of the defendants were ordered to be heard in the first instance at the General Term. The action is upon a promissory note, made by Benjamin F. Felton, which came to the plaintiffs, as assignees of Edward S. Rich, under an assignment for the benefit of creditors.
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Appeal from the judgment of the General Term of the Superior Court of Buffalo, directing judgment for the plaintiffs, on a verdict rendered at the circuit, where the exceptions of the defendants were ordered to be heard in the first instance at the General Term. The action is upon a promissory note, made by Benjamin F. Felton, which came to the plaintiffs, as assignees of Edward S. Rich, under an assignment for the benefit of creditors. Rich was a private banker at Buffalo, and discounted the note in shit for the defendants’ firm of “ Felton and Butler,” and the amount, less the discount, was…
1Opinion of the CourtAllen, J.
At the time of the failure of Rich, he was indebted to the defendants to an amount more than sufficient to pay the note in suit, and the debt was then due. The note held by Rich was made for the benefit of the firm of Felton & Brother, composed of the defendants, and constituted a firm debt, although for the convenience of business their liability was in form several, the one being liable as maker, and the other as indorser. The note was not due at the time of the failure of Rich, or at the time of the assignment; bufas it was not on interest, the holder would lose nothing by a present…
2Cases cited7 opinions
- In re HoweNew York Court of Chancery · 1828
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- Griffin v. . MarquardtNew York Court of Appeals · 1858
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- Munger v. . Albany City National BankNew York Court of Appeals · 1881
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