Pratt v. . Eaton
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court, in the fourth judicial department, in favor of defendants, entered upon an order reversing a judgment in favor of plaintiffs, entered upon the report of a referee, and directing final judgment for defendants. (Reported below, 18 Hun, 293.) This was an action to foreclose a mortgage.
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Appeal from judgment of the General Term of the Supreme Court, in the fourth judicial department, in favor of defendants, entered upon an order reversing a judgment in favor of plaintiffs, entered upon the report of a referee, and directing final judgment for defendants. (Reported below, 18 Hun, 293.) This was an action to foreclose a mortgage. The plaintiffs are the assignees in bankruptcy of the “ People’s Safe Deposit and Savings Institution of the State of New York," a corporation organized under the provisions of chapter 816, of the Laws of 1868. The mortgage was executed by the…
1Opinion of the CourtAndrews, J.
We have decided at this term, that the People’s Safe Deposit and. Savings Institution had no power under its charter to loan money on personal security, and was forbidden by the restraining act from engaging in the business of discounting notes and other commercial paper, and could not enforce notes discounted in violation of the act. But we further held in that case that where a loan had been made by the company by way of a discount of a promissory note, the company or its assignees could recover the money loaned, although the security taken was void. The decision referred to, and the…
2Cited by9 opinions
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- Antipyros Co. v. Samuel Breiter & Co.New York Supreme Court · 1957
- Jacob Straf v. Colonial Factors CorporationCourt of Appeals for the Eighth Circuit · 1960
- County Industrial Corp. v. FranciaNew York Supreme Court · 1957
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