Agawam Bank v. . Strever
New York Court of Appeals
Appeal from the Supreme Court. The plaintiff, a corporation under the laws of Massachusetts, brought its action upon the promissory note following: “ $4000. Kindeehook, September 23, 1847. “ On demand, for value received, we jointly and severally promise to pay F. S. Bailey, cashier, or order, four thousand dollars, at the Agawam Bank, Springfield, Mass. “ISAAC S. DOANE, “HENRY HOYSRADT, “WILLIAM STREVER, “JOHN HOYSRADT, “ADAM A. HOYSRADT."
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Appeal from the Supreme Court. The plaintiff, a corporation under the laws of Massachusetts, brought its action upon the promissory note following: “ $4000. Kindeehook, September 23, 1847. “ On demand, for value received, we jointly and severally promise to pay F. S. Bailey, cashier, or order, four thousand dollars, at the Agawam Bank, Springfield, Mass. “ISAAC S. DOANE, “HENRY HOYSRADT, “WILLIAM STREVER, “JOHN HOYSRADT, “ADAM A. HOYSRADT." Averring that the note was delivered to Bailey, the plaintiff’s cashier, for its benefit, and to be held by it as collateral security for all liability…
1Opinion of the CourtSelden, J.
This case is to be distinguished from a class of cases to which it bears some analogy, but from which it nevertheless materially differs. Where a valid existing obligation is assigned as collateral security for a debt to be contracted, the security assigned is entirely distinct from and in no manner dependent upon or modified by the contract by which it is pledged as security, or that by which the debt to be secured is subsequently created. They constitute separate and independent contracts, and not different parts of one and the same contract. As to the time of its enforcement, and the…
2Cited by38 opinions
- Evansville National Bank v. KaufmannNew York Court of Appeals · 1883
- Houston & T. C. R'y Co. v. JacksonTexas Supreme Court · 1884
- Slater v. . JewettNew York Court of Appeals · 1881
- Merchants' National Bank of Whitehall v. HallNew York Court of Appeals · 1881
- Gay v. WardSupreme Court of Connecticut · 1895
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