Stedman v. Jillson
Supreme Court of Connecticut
This was an action brought by the plaintiffs, as indorsees of - a promissory note, made by the defendants and William Jill-son, since deceased, for 1500 dollars, dated the 10th of June, 1829, and payable to Charles Lee, or order, on demand, with interest; which note Lee, on the 3d of August, 1829, indorsed to the plaintiffs. The defendants pleaded a set-off of sundry debts due from Lee to them, and that Lee was insolvent.
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This was an action brought by the plaintiffs, as indorsees of - a promissory note, made by the defendants and William Jill-son, since deceased, for 1500 dollars, dated the 10th of June, 1829, and payable to Charles Lee, or order, on demand, with interest; which note Lee, on the 3d of August, 1829, indorsed to the plaintiffs. The defendants pleaded a set-off of sundry debts due from Lee to them, and that Lee was insolvent. The debts so claimed to be set off had no connexion with the subject matter of this note, except one claim of 500 dollars. The plaintiffs claimed to recover, by this suit,…
1Opinion of the CourtWilliams, J.
The court below was of opinion, that this note being payable to order, on demand, with interest, though in point of law it must be considered as payable immediately, yet as it was payable to order, it must have been intended to be negotiable ; and being also payable with interest, it seems to *59have been intended as a permanent security; and that this mode must have been taken to give additional facility to the-payee in raising money to meet the demands with which he was onerated, by the failure of the makers; and the effect of this arrangement would be defeated, by allowing a set-off: That the…
2Cases cited1 opinion
- Vreeland v. HydeThe Superior Court of New York City · 1829
3Cited by5 opinions
- Stegal v. Union Bank & Federal Trust Co.Supreme Court of Virginia · 1934
- MANUFACTURERS'FINANCE CORPORATION v. Vye-Neill Co.Court of Appeals for the First Circuit · 1933
- Clark v. LeachMassachusetts Supreme Judicial Court · 1813
- Robinson v. PerrySupreme Judicial Court of Maine · 1882
- Fairchild v. BrownSupreme Court of Connecticut · 1835