Landauer v. Sioux Falls Imp. Co.
South Dakota Supreme Court
Appeal from circuit court, Minnehaha county. Hon. J. W. Jones, Judge. Action upon a promissory note. Defendants had judgment from which, and from an order denying his motion for a new trial, plaintiff appeals. The facts are stated in the opinion. The ancient rule denying corporations the right to deal in or give promissory notes, is no longer the law. 1 Dan. Neg. Inst. 382; 1 Mor. Corp. § 351; Comp. Laws, § 4488; Bank y.
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Appeal from circuit court, Minnehaha county. Hon. J. W. Jones, Judge. Action upon a promissory note. Defendants had judgment from which, and from an order denying his motion for a new trial, plaintiff appeals. The facts are stated in the opinion. The ancient rule denying corporations the right to deal in or give promissory notes, is no longer the law. 1 Dan. Neg. Inst. 382; 1 Mor. Corp. § 351; Comp. Laws, § 4488; Bank y. Tuthill, 4 Dak. 295. The seal of the corporation did not destroy the negotiability of the note. 4 Thompson Comm, on Corp. § 5121; Tiedeman on Commercial Paper, §§ 32, 117; 1…
1Opinion of the CourtFuller, J.
This action upon a promissory note negotiable in form, for §5,000, executed by, made payable to, and bearing the blank indorsement of, the defendant corporation, together with the guaranty of its co-defendants, resulted in a judgment for the defendants, from which, and from an order overruling a motion for a new trial, plaintiff appeals. It is shown by the evidence that, when executed and indorsed, the note was placed in escrow with D. M. Hillis, to be delivered to A. F. Smith only upon condition that the latter should deliver for the defendant corporation, at Sioux Falls, certain machinery,…
2Cases cited16 opinions
- Canajoharie National Bank v. DiefendorfNew York Court of Appeals · 1890
- Stewart v. LansingSupreme Court of the United States · 1882
- Giberson v. JolleyIndiana Supreme Court · 1889
- Smith v. LivingstonMassachusetts Supreme Judicial Court · 1873
- Merchants' Exchange Bank v. LuckowSupreme Court of Minnesota · 1887
11 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- McNight v. ParsonsSupreme Court of Iowa · 1907
- Jerke v. Delmont State BankSouth Dakota Supreme Court · 1929
- Union Nat. Bank v. MaillouxSouth Dakota Supreme Court · 1911
- McGill v. YoungSouth Dakota Supreme Court · 1902
- Mee v. CarlsonSouth Dakota Supreme Court · 1908
13 more not listed; retrieve them via the Exa API.