Reed v. Warner
New York Court of Chancery
The complainant, who was a jeweller residing in the city of New-York, in the spring of 1839, gave to Davis, Babbitt & €o., of Providence, three negotiable promissory notes, amounting together to the sum of $700,34, payable at different times, the last of which notes became due on the 28th of March, 1830. Previous to the time when any of the notes became payable, the complainant stopped payment.
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The complainant, who was a jeweller residing in the city of New-York, in the spring of 1839, gave to Davis, Babbitt & €o., of Providence, three negotiable promissory notes, amounting together to the sum of $700,34, payable at different times, the last of which notes became due on the 28th of March, 1830. Previous to the time when any of the notes became payable, the complainant stopped payment. He made propositions to his various creditors to compromise, and offered to pay them fifty per cent, on the amount of their debts; which terms Davis, Babbitt & Co. were willing to accept, if other…
1Opinion of the Court
The Chancellor.
Before proceeding to examine the merits of this cause, it is proper to notice one or two objections that were made upon the argument, which relate to matters of form. On the part of the defendant Warner it was insisted that there was no equity in the bill which could authorize the complainant to make him a party; and that he was a mere witness. This objection is untenable, if the allegation in the bill is true, that Warner, at the time of the purchase of the notes, was the agent of the complainant to obtain a compromise of his Providence debts at an amount not exceeding fifty…
2Cited by16 opinions
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- Columbus Co. v. HurfordNebraska Supreme Court · 1871
- Morgenstern v. HillThe Superior Court of the City of New York and Buffalo · 1894
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