National Pemberton Bank v. Porter
Massachusetts Supreme Judicial Court
Contract on a promissory note dated January 11, 1876, for $10,000, signed by James O. Ives & Co., payable in four months from date to the order of the defendant, and indorsed by him, “ waiving demand and notice.”
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Contract on a promissory note dated January 11, 1876, for $10,000, signed by James O. Ives & Co., payable in four months from date to the order of the defendant, and indorsed by him, “ waiving demand and notice.” Writ dated June 28, 1876. At the trial in the Superior Court, before Grardner, J., there was evidence that the plaintiff, a national bank established at Lawrence under the laws of the United States, purchased the note in Boston from one Benyon, the president of the Exchange Bank in Boston, a few days after its date, paying its face value, less interest, therefor. The defendant asked…
1Opinion of the CourtLord, J.
The plaintiff bank brings this action against the defendant as the indorser of a promissory note. The note is in the possession of the bank as the holder of it. The defence is, that the plaintiff purchased the note of one Benyon; that the plaintiff is a national bank; that a national hank has no author-Ay to buy a promissory note; that the purchase of it was therefore ultra vires; and the conclusion of law which the defendant claims to be the legal result of these facts is that no action can be maintained upon the note by the bank. It is important that *334we do not confuse our ideas by the use…
2Cases cited4 opinions
- Chester Glass Co. v. DeweyMassachusetts Supreme Judicial Court · 1819
- Little v. ObrienMassachusetts Supreme Judicial Court · 1812
- Farmers & Mechanics' Bank v. BaldwinSupreme Court of Minnesota · 1876
- Rohrer v. TurrillSupreme Court of Minnesota · 1860
3Cited by25 opinions
- Davis v. Old Colony RailroadMassachusetts Supreme Judicial Court · 1881
- Nims v. Mount Hermon Boys' SchoolMassachusetts Supreme Judicial Court · 1893
- Hubbard v. Worcester Art MuseumMassachusetts Supreme Judicial Court · 1907
- Atlas National Bank v. SaveryMassachusetts Supreme Judicial Court · 1879
- Lowell v. BickfordMassachusetts Supreme Judicial Court · 1909
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