Lyon, Potter & Co. v. First Nat. Bank of Sioux City
Court of Appeals for the Eighth Circuit
In Error to the Circuit Court of the United States for the Southern District of Iowa. This was an action brought by the First National Bank of Sioux City, the defendant in error, against Lyon, Potter & Co., a corporation, the plaintiff in error, upon a promissory note of $5,000, made by C. H. Martin Company, a corporation, payable to the order of C. H. Martin, indorsed by Lyon, Potter & Co., and then discounted by the bank at the request of Martin.
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In Error to the Circuit Court of the United States for the Southern District of Iowa. This was an action brought by the First National Bank of Sioux City, the defendant in error, against Lyon, Potter & Co., a corporation, the plaintiff in error, upon a promissory note of $5,000, made by C. H. Martin Company, a corporation, payable to the order of C. H. Martin, indorsed by Lyon, Potter & Co., and then discounted by the bank at the request of Martin. The defense of Lyon, Potter & Co. was that its indorsement was made for the accommodation of C. H. Martin, without consideration, and that this…
1Opinion of the CourtSanborn, Circuit Judge
The blank indorsement of a promissory noie by a party who is neither a payee, indorsee, nor assignee thereof is declared by the statutes of the state of Iowa to constitute a guaranty of the payment of the note by the indorser. McClain’s Code of Iowa, § 3265. Lyon, Potter & Co. therefore appeared to be an accommodation indorser or guarantor of the payment of the note in suit upon the face of the paper. That note, when it was presented to the bank for discount with this blank indorsement upon it, must, in view of the statute of the state of Iowa to which we have referred, he deemed to have been…
2Cases cited35 opinions
- National Bank v. MatthewsSupreme Court of the United States · 1879
- National Bank v. WhitneySupreme Court of the United States · 1881
- Davis v. Old Colony RailroadMassachusetts Supreme Judicial Court · 1881
- Bissell v. Michigan Southern & Northern Indiana Railroad CompaniesNew York Court of Appeals · 1860
- Sioux City Terminal Railroad & Warehouse Co. v. Trust Co. of North AmericaCourt of Appeals for the Eighth Circuit · 1897
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3Cited by17 opinions
- Park Hotel Co. v. Fourth Nat. Bank of St. LouisCourt of Appeals for the Eighth Circuit · 1898
- Durant Min. Co. v. Percy Consol. Min. Co.Court of Appeals for the Eighth Circuit · 1899
- Stokes v. United StatesCourt of Appeals for the Eighth Circuit · 1920
- Atlantic Coast Line R. v. TillerCourt of Appeals for the Fourth Circuit · 1944
- Gaston & Ayres v. J. I. Campbell Co.Texas Supreme Court · 1911
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