Clark v. . Sisson
New York Court of Appeals
Appeal from the Superior Court of the city of New York. Action against acceptor and indorsers upon a bill of exchange drawn by Freeman Loomis and accepted by Isaac Sisson, payable to the order of the drawer. Upon the trial it was proved that the acceptance was without consideration and made for the purpose of enabling Loomis to borrow money.
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Appeal from the Superior Court of the city of New York. Action against acceptor and indorsers upon a bill of exchange drawn by Freeman Loomis and accepted by Isaac Sisson, payable to the order of the drawer. Upon the trial it was proved that the acceptance was without consideration and made for the purpose of enabling Loomis to borrow money. Loomis indorsed it and procured one Canfield to indorse it in the name of J. J. Stewart & Co., of which firm he was a member, and to obtain a discounting of it by the plaintiffs at a usurious rate of interest. Canfield made no statement whatever to the…
1Opinion of the Court
Comstock, Ch. J.
We find no room for doubt in this case. The bill in question was drawn by the defendant Loomis on the defendant Sisson, and was accepted by the latter for the accommodation of the drawer. The instrument did not take effect as a valid obligation until it was discounted by the plaintiffs. It was indorsed by the drawer, because it was payable to his order, and also by the firm of J. J. Stewart & Co., before it came to the plaintiffs’ hands ;• but that firm never owned the bill. It was delivered by the drawer to Canfield, one of the members of that house, not for money or value…
2Cases cited2 opinions
- Powell v. WatersCourt for the Trial of Impeachments and Correction of Errors · 1826
- Williams v. StormThe Superior Court of New York City · 1853
3Cited by19 opinions
- Hammelburger v. Foursome Inn Corp.New York Court of Appeals · 1981
- Goshen National Bank v. BinghamNew York Court of Appeals · 1890
- Eastman v. . ShawNew York Court of Appeals · 1875
- City of St. Louis ex rel. Murphy v. ClemensSupreme Court of Missouri · 1869
- Claflin v. . BoorumNew York Court of Appeals · 1890
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