Baldwin v. Dow
Massachusetts Supreme Judicial Court
Conteact. The declaration alleged that the Boston and Mystic Valley Railroad Company made a promissory note, dated October 5, 1878, for $5000, payable four months after date, with interest, to the order of Sydney P. Pratt; that Pratt indorsed the same to the plaintiff; and that the defendants signed the following guaranty on the back of the note : “We hereby guarantee the payment of the within note, waiving demand, notice and protest; ” and further alleged a demand on the…
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Conteact. The declaration alleged that the Boston and Mystic Valley Railroad Company made a promissory note, dated October 5, 1878, for $5000, payable four months after date, with interest, to the order of Sydney P. Pratt; that Pratt indorsed the same to the plaintiff; and that the defendants signed the following guaranty on the back of the note : “We hereby guarantee the payment of the within note, waiving demand, notice and protest; ” and further alleged a demand on the maker and refusal to pay; and that the defendants owed the plaintiff the amount of the note, with interest. The answer…
1Opinion of the CourtColt, J.
The liability of a party whose name appears on the back of a negotiable promissory note, as guarantor or otherwise, is to be determined by the relation which is thereby assumed towards the payee, indorsee or holder, at the time when the note first takes effect by delivery as a valid security-for the money paid upon it. The condition of the note when first delivered and accepted as a binding contract is the test of liability. Dubois v. Mason, 127 Mass. 37. National Pemberton Bank v. Lougee, 108 Mass. 371. Stoddard v. Penniman, 108 Mass. 366. Bigelow v. Colton, 13 Gray, 309. Clapp v. Rice, 13…
2Cases cited4 opinions
- McLaren v. Watson's ExecutorsNew York Supreme Court · 1841
- Dubois v. MasonMassachusetts Supreme Judicial Court · 1879
- Stoddard v. PennimanMassachusetts Supreme Judicial Court · 1871
- National Pemberton Bank v. LougeeMassachusetts Supreme Judicial Court · 1871
3Cited by6 opinions
- Thorpe v. WhiteMassachusetts Supreme Judicial Court · 1905
- Jones v. DowMassachusetts Supreme Judicial Court · 1884
- Mulcare v. WelchMassachusetts Supreme Judicial Court · 1893
- Edgerly v. LawsonMassachusetts Supreme Judicial Court · 1900
- State Trust Co. v. Owen Paper Co.Massachusetts Supreme Judicial Court · 1894
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