Low v. Learned
New York Court of Common Pleas
Appeal from trial term. Action by William A. Low against James A. Learned. From a judgment entered on a verdict directed by the court in favor of plaintiff, defendant appeals. The action was brought upon a promissory note for value received, made by the Westray’s Point Land & Improvement Company, dated August 29, 1890, at three months, for $1,500, payable at the First National Bank, Tom’s River, N. J., to the order of the defendant, James E. Learned, and indorsed by him.
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Appeal from trial term. Action by William A. Low against James A. Learned. From a judgment entered on a verdict directed by the court in favor of plaintiff, defendant appeals. The action was brought upon a promissory note for value received, made by the Westray’s Point Land & Improvement Company, dated August 29, 1890, at three months, for $1,500, payable at the First National Bank, Tom’s River, N. J., to the order of the defendant, James E. Learned, and indorsed by him. The defense was a denial of knowledge, or information sufficient to form a belief, as to the making of the note; a denial…
1Opinion of the CourtDaly, C. J.
The defendant issued, as accommodation indorser, and the proof shows that he delivered, the note in suit, indorsed by him, to the plaintiff, in renewal of a previous note of the same maker which also bore his indorsement. Upon the trial he claimed that there was a failure of consideration, unless the plaintiff showed a surrender or return of the original note. As he was an accommodation indorser, proof of consideration or of value received by him was unnecessary. From the very meaning of the term, no proof of consideration is requisite in the case of "accommodation” indorsement 2 Am. & Eng.…
2Cited by1 opinion
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