Lincoln National Bank v. John Peirce Co.

Hotchkiss, J.(1) For the reasons stated on the trial the amount owing by the New York Central Railroad Company must be fixed at the sum of $81,712.73, to which interest will be added. (2) If the decision of this case required me to pass upon the claim of the plaintiff that the acceptance of the assignment by the railroad company and its promise to pay to plaintiff all moneys earned under the contract, on the faith of which engagement plaintiff made its loans to the Peirce Company, was the legal equivalent of an actual payment by the railroad company to plaintiff, or constituted a novation,…