Whitcher v. Dexter
Supreme Court of New Hampshire
Assumpsit, upon the common counts, and also upon a count alleging that the defendant drew an order in the plaintiff’s favor upon one Rutherford, which Rutherford refused to accept, whereupon the defendant promised to pay the plaintiff the amount thereof. Facts found by a referee. March 1, 1871, the defendant, being indebted to the plaintiff, gave him a negotiable order on Rutherford, who at that time was solvent, and owing the defendant enough to pay the order.
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Assumpsit, upon the common counts, and also upon a count alleging that the defendant drew an order in the plaintiff’s favor upon one Rutherford, which Rutherford refused to accept, whereupon the defendant promised to pay the plaintiff the amount thereof. Facts found by a referee. March 1, 1871, the defendant, being indebted to the plaintiff, gave him a negotiable order on Rutherford, who at that time was solvent, and owing the defendant enough to pay the order. Rutherford continued solvent until 1874, when he became insolvent. The plaintiff did not accept the order in payment of the…
1Opinion of the CourtBlodgett, J.
The plaintiff received the order as collateral security merely, both in fact and in law. This being so, the material question at the trial was, whether he had been guilty of laches in respect of it so as to make himself chargeable therewith. To make him thus liable, it was necessary to show negligence on his part and consequent injury to the defendant; for the settled rule is, that a party receiving collateral securities is not, in the absence of payment, chargeable with their amount, unless he has so improperly conducted with them that their value has been lost or impaired to the party of…
2Cases cited1 opinion
- Lawrence v. McCalmontSupreme Court of the United States · 1844
3Cited by4 opinions
- Carr v. AshlandSupreme Court of New Hampshire · 1883
- Merrill v. PerkinsSupreme Court of New Hampshire · 1881
- Brown v. WestSupreme Court of New Hampshire · 1889
- Martin v. LivingstonSupreme Court of New Hampshire · 1896