Day v. Saunders
New York Court of Appeals
Calvin Day and others sned Thomas P. Saunders, as indorser of a promissory note. Plaintiffs had held four notes, made hy one Whipple, and after two of them were overdue, and while the other two were not yet due, they discontinued a suit brought by them against Whipple, on the two overdue, and delivered up all the four notes, giving him a receipt acknowledging payment, in consideration of Whipple’s giving them a new note, made by himself, and indorsed by Saunders.
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Calvin Day and others sned Thomas P. Saunders, as indorser of a promissory note. Plaintiffs had held four notes, made hy one Whipple, and after two of them were overdue, and while the other two were not yet due, they discontinued a suit brought by them against Whipple, on the two overdue, and delivered up all the four notes, giving him a receipt acknowledging payment, in consideration of Whipple’s giving them a new note, made by himself, and indorsed by Saunders. Saunders’ indorsement was obtained by Whipple for a different purpose than the settlement of the suit, and, when sued in present…
1Opinion of the Court
Bx the Court.
Grover, J.
The exception taken by plaintiff’s counsel, upon the trial, to the charge of the judge as given, and to the refusal to charge as requested, presents the only real question in the case. That question is, whether a party taking a negotiable paper before maturity, in payment of *496a debt past due, constitutes a holding for value. This precise question was decided affirmatively by this court, in Brown v. Leavitt, 31 N. Y. 113, above. In Young v. Lee, 12 N. Y. 55; the like rule was applied, when the debt for which the note was taken had not become due. It is manifest that there…
2Cases cited3 opinions
- Brown v. . LeavittNew York Court of Appeals · 1865
- Day v. SaundersNew York Court of Appeals · 1867
- Forbes v. HalseyNew York Court of Appeals · 1862
3Cited by5 opinions
- First National Bank of Chicago v. DeanNew York Court of Appeals · 1893
- Mechanics' & Traders' Bank v. CrowNew York Court of Common Pleas · 1874
- Bacon v. HeywoodThe Superior Court of New York City · 1895
- Burkhalter v. PrattNew York Marine Court · 1876
- Phenix Insurance v. ChurchNew York Court of Common Pleas · 1878