The Merchants' Bank of New-York v. . Spalding
New York Court of Appeals
The action was brought against the defendant as the endorser of a promissory note made by Jackson Pound, on the 3d day of November, 1845, for $2875, payable to the order of the defendant, at the Farmers and Mechanics’ Bank of Rahway, New Jersey, in «four months after date. The making and endorsement of the note, and its presentment, dishonor, and notice of non-payment, were admitted.
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The action was brought against the defendant as the endorser of a promissory note made by Jackson Pound, on the 3d day of November, 1845, for $2875, payable to the order of the defendant, at the Farmers and Mechanics’ Bank of Rahway, New Jersey, in «four months after date. The making and endorsement of the note, and its presentment, dishonor, and notice of non-payment, were admitted. The defence was, that the note was discounted by the bank in New Jersey under an agreement or understanding that the proceeds should be paid in small bills to be sent to and paid out in the State of New-York,…
1Opinion of the CourtDenio, J.
The judge was unquestionably mistaken in holding that the circulation in this state of bank notes issued by foreign corporations, under the denomination of $5-was legal. The act of 1830 (ch. 295) declared it to -be unlawful to pass, circulate or receive such notes; and subjected the offender to a penalty equal to the nominal amount of the note. In 1835, the legislature, by prospective provision's, forbade the receiving, circulating and passing of notes issued by any banking corporation or private banker, whether in or out of the state, of notes under $5, or for a sum between $5 and $10 ; and…
2Cases cited2 opinions
- Pratt v. AdamsNew York Court of Chancery · 1839
- Holmes v. BroughtonNew York Supreme Court · 1833
3Cited by7 opinions
- Dickinson v. . EdwardsNew York Court of Appeals · 1879
- Johnson v. NelsonSupreme Court of Minnesota · 1915
- Johnstown Land Co. v. Brainerd Brewing Co.Supreme Court of Minnesota · 1919
- Stedman v. . DavisNew York Court of Appeals · 1883
- In re the Judicial Settlement of the Accounts of Ball & BallAppellate Division of the Supreme Court of the State of New York · 1900
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