M. V. Monarch Co. v. Farmers & Traders Bank
Court of Appeals of Kentucky
Case 55 — ACTION ON BILL OF EXCHANGE 1. A corporation has not, as a general rule, the right to enter into a contract of suretyship; and this rule is without exception where the corporation has no interest in the contract. 24 Am. & Eng.
Read the full summary
Case 55 — ACTION ON BILL OF EXCHANGE 1. A corporation has not, as a general rule, the right to enter into a contract of suretyship; and this rule is without exception where the corporation has no interest in the contract. 24 Am. & Eng. Enc. of Law, 727-729. 2. Personal service of notice of protest is essential to fasten liability upon the drawer or indorser of a bill of exchange, whose residence and place of business are ;ust outside of the corporate limits of the city where the note is protested, and the failure to give such notice works a release of the drawer or indorser as the case may…
1Opinion of the Court
JUDGE BURNAM
delivered the opinion or the court.
This action is upon a bill of exchange accepted by Slack & Perkins, drawn by the M. Y. Monarch Company, and indorsed by M.. Y. Monarch and Mildred Perkins. Appellants, Slack & Perkins, the M. V. Monarch Compahy, and M. V. Monarch, filed a joint answer, in which joint and separate defenses are made. They jointly allege and plead *436that the obligation sued on contains usury, and ask that it be eliminated. The M. V. Monarch Company and M. V. Monarch allege that the Monarch Company is a private corporation, having the power to manufacture and sell…
2Cases cited4 opinions
- Holmes v. . WillardNew York Court of Appeals · 1890
- Kenworthy v. SawyerMassachusetts Supreme Judicial Court · 1878
- Todd v. Edwards & Co.Court of Appeals of Kentucky · 1869
- Neal & Co. v. TaylorCourt of Appeals of Kentucky · 1872
3Cited by7 opinions
- North Star Co. v. HowardCourt of Appeals of Kentucky · 1960
- Citizen's National Bank v. Florida Tie & Lumber Co.Supreme Court of Florida · 1921
- Farmers' & Merchants' Bank v. WisdomCourt of Appeals of Kentucky (pre-1976) · 1928
- Ritter v. Kentucky-Tennessee Light & Power Co.Court of Appeals of Kentucky (pre-1976) · 1941
- Farmers' & Traders' Bank v. Thixton, Millett & Co.Court of Appeals of Kentucky · 1923
2 more not listed; retrieve them via the Exa API.