New York Trust & Loan Co. v. Helmer
New York Supreme Court
Appeals by the defendant Helmer, in two actions, from orders made at the Special Term sustaining demurrers to answers, and from the judgments afterwards entered thereon. The only authority by which plaintiff can claim to be able to discount these notes is by virtue of the following words : “ Shall have power, etc., to, etc., buy or receive all kinds of property, real, personal or mixed.”
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Appeals by the defendant Helmer, in two actions, from orders made at the Special Term sustaining demurrers to answers, and from the judgments afterwards entered thereon. The only authority by which plaintiff can claim to be able to discount these notes is by virtue of the following words : “ Shall have power, etc., to, etc., buy or receive all kinds of property, real, personal or mixed.” This only authorizes it to buy or receive something then having existence — propertyt It does not authorize it to breathe the breath of life into, to create property; and, until after the buying or receiving…
1Opinion of the Court
Daniels, J.:
The first of these two actions was brought upon two promissory notes, made by Joseph W. Helmer and Chauncey T. Bowen, for the sum of $8,000 each, payable to their own order, and indorsed by them. One of these notes was dated on the 22d, and the other on the 25th of March, 1875, and both became due in six months after their respective dates. It was alleged in the complaint that they were transferred before they became due for value to the plaintiff. The defendant Helmer answered the complaint. Ilis first and second answers set forth that the plaintiff was a corporation created by…
2Cases cited9 opinions
- Pearce v. Madison & Indianapolis RailroadSupreme Court of the United States · 1859
- Bookstaver v. . JayneNew York Court of Appeals · 1875
- Attorney General v. Life & Fire InsuranceNew York Court of Chancery · 1842
- Elting v. VanderlynNew York Supreme Court · 1809
- Dewitt v. . BrisbaneNew York Court of Appeals · 1858
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