President of the Commercial Bank v. French
Massachusetts Supreme Judicial Court
Assumpsit on a promissory note as follows : “ Boston, Sept. 28, 1835. For value received I, John Thompson, as principal, and I, John French, as surety, jointly and severally promise to pay the cashier of the Commercial Bank, Boston, or his order, nine thousand dollars, on demand with interest. John Thompson. John French.” The note was not indorsed.
Read the full summary
Assumpsit on a promissory note as follows : “ Boston, Sept. 28, 1835. For value received I, John Thompson, as principal, and I, John French, as surety, jointly and severally promise to pay the cashier of the Commercial Bank, Boston, or his order, nine thousand dollars, on demand with interest. John Thompson. John French.” The note was not indorsed. The cause was tried before Putnam J. Parker H. Peirce, the president of the bank, a witness on the part of the defendant, testified that Thompson owed money to the bank at the date of the note. About that time Thompson applied to the witness for a…
1Opinion of the Court
Morton J.
delivered the opi lion of the Court. The plaintiffs are the bond fide holders )f the note, for a valuable consideration. The circumstance that they originally received it as collateral security, can have, no effect upon the validity oí the contract or the liability of the parties.
Nor can the character in which the defendant became a party to the note, avail him. It is payable on demand and draws interest from its date. It could not therefore have been the expectation of the parties, that it was to be discounted, or that *489payment would be immediately demanded. There is no evidence that…
2Cases cited4 opinions
- Medway Cotton Manufactory v. AdamsMassachusetts Supreme Judicial Court · 1813
- Gilmore v. PopeMassachusetts Supreme Judicial Court · 1809
- Little v. ObrienMassachusetts Supreme Judicial Court · 1812
- Taunton & South Boston Turnpike Corp. v. WhitingMassachusetts Supreme Judicial Court · 1813
3Cited by3 opinions
- Goldberg, Bowen & Co. v. DimickCalifornia Supreme Court · 1915
- Seaboard Commercial Corporation v. LeventhalSupreme Court of Connecticut · 1935
- Wyandot, Inc. v. Gracey Street Popcorn Co.Supreme Court of Connecticut · 1988