National Security Bank v. McDonald
Massachusetts Supreme Judicial Court
Contbact against John McDonald and Thomas McDonald, copartners under the firm name of McDonald Bros., on a promissory note dated Boston, January 11, 1877, for $712.87, payable three months after date to the order of J. 0. Kent, and signed by the firm name of the defendants. On the back of the note was the following memorandum signed by Kent: “ This note is held by me for note signed by John Grimes, payable at Woonsocket National Bank, B. L, dated January 11, 1877, 3 mos.”
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Contbact against John McDonald and Thomas McDonald, copartners under the firm name of McDonald Bros., on a promissory note dated Boston, January 11, 1877, for $712.87, payable three months after date to the order of J. 0. Kent, and signed by the firm name of the defendants. On the back of the note was the following memorandum signed by Kent: “ This note is held by me for note signed by John Grimes, payable at Woonsocket National Bank, B. L, dated January 11, 1877, 3 mos.” Trial in the Superior Court, before Colburn, J., who allowed a bill of exceptions in substance as follows: About January…
1Opinion of the CourtColt, J.
The defence in this case is, that the note in suit was given by one partner in fraud of the partnership, without consideration, and outside the partnership business.
There was evidence tending to show that the note was given by Thomas McDonald without the knowledge of the firm, for the purpose of giving to Kent security for the Grimes note, which had been previously obtained by him from the firm, and had been passed out of his hands into the possession of Carlton, as security for a loan of $200. It was not contended that the bank had any knowledge of the dealings between Kent and the…
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