Wallace v. . Straus
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court, entered upon an order made January 23, 1888, which affirmed a judgment in favor of plaintiff, entered upon a decision of the court without a jury.
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Appeal from judgment of the General Term of the Supreme Court, entered upon an order made January 23, 1888, which affirmed a judgment in favor of plaintiff, entered upon a decision of the court without a jury. This was an action upon the following guaranty: “ Whereas, Ferdinand Straus' is indebted to F. B. Wallace in the sum of eleven thousand five hundred and fourteen dollars, with, interest from August 16, 1881, for which the said Wallace holds as collateral security one hundred shares of the stock of the Central Pacific Railway Company and one hundred shares of Ohio Central Railroad…
1Opinion of the CourtAndrews, J.
The primary purpose of the guaranty was to secure the debt owing by Ferdinand Straus to Wallace, if its collection should be deferred. At the date of the guaranty the stock was worth in the market more than the amount of the debt. Wallace could sell at any time onv notice and .satisfy the debt out of the proceeds. The purpose of Ferdinand Straus in furnishing a guaranty was to avoid a sale and to have the stock carried in expectation of a better market. But the fluctations incident to such property might hazard Wallace’s position, unless he had indemnity that while carrying the stock his…
2Cases cited5 opinions
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