McSpedon v. Troy City Bank
New York Court of Appeals
Thomas McSpedon and C. W. Baker were sued by the Troy City Bank in the supreme court, on a promissory note. The note in question was one of six notes, made by the firm, on June 8, 1857, payable respectively at from one to seven months, to the order of M. L. Samuel & Co. McSpedon & Baker were a business firm in the city of New York. The agreement under which the notes were given was as follows: “ Confidential contract. We agree to give Messrs.
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Thomas McSpedon and C. W. Baker were sued by the Troy City Bank in the supreme court, on a promissory note. The note in question was one of six notes, made by the firm, on June 8, 1857, payable respectively at from one to seven months, to the order of M. L. Samuel & Co. McSpedon & Baker were a business firm in the city of New York. The agreement under which the notes were given was as follows: “ Confidential contract. We agree to give Messrs. McSpedon & Baker $400 weekly in Troy City Bank bills, in payment of 'their notes, they (McS. & B.) to take up the notes as they mature, viz[here…
1Opinion of the CourtWeight, J.
[after stating the facts.] — The case involves the principal question whether the notes executed and delivered, under the agreement of the payees, M. L. Samuel & Go., to pay the makers four hundred dollars weekly, are to be treated as business paper. If not accommodation, but business paper, *136made for consideration in the hands of Samuel & Co., I think the case is without merit.
The court below held that the transaction was, in substance, an exchange of the notes of the plaintiffs for the agreement of Samuel & Co. to pay them the weekly sum of four hundred dollars, each being the consideration…
2Cases cited2 opinions
- Dowe v. SchuttNew York Supreme Court · 1846
- Davis v. . McCreadyNew York Court of Appeals · 1858
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