Magee v. Badger & Potter
New York Supreme Court
MOTION for a new trial, on a case and exceptions. The complaint was upon a promissory note, made on the 28th of January, 1857, by the defendant Badger, whereby, for value received, he promised to pay, six months after the date thereof, $350, with use, to the order of Hiram Potter, at the Steuben County Bank; and the plaintiff alleged that the defendant Potter duly indorsed the said note, and the same was duly transferred and delivered to the plaintiff.
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MOTION for a new trial, on a case and exceptions. The complaint was upon a promissory note, made on the 28th of January, 1857, by the defendant Badger, whereby, for value received, he promised to pay, six months after the date thereof, $350, with use, to the order of Hiram Potter, at the Steuben County Bank; and the plaintiff alleged that the defendant Potter duly indorsed the said note, and the same was duly transferred and delivered to the plaintiff. That when the said note became due it was duly presented for payment at the Steuben County Bank, and payment thereof was duly demanded, but…
1Opinion of the Court
By the Court, Johnson, J.
The objection of the defendants to the validity of the first note is two fold: 1. That the company had no power to take a note at all, upon a subscription for preferred stock; and, 2. That if they could take *262a note, they had no right to take one payable in one year from the time of such subscription. The act of April 1, 1854, (Bess. Laws of 1854, ch. 146,) authorizes the company to receive subscriptions for preferred stock, and to issue such stock to subscribers for the same. The subscribers were required to pay the par value of such shares as they were authorized to…
2Cases cited1 opinion
- Hall v. WilsonNew York Supreme Court · 1853
3Cited by14 opinions
- Phelan v. MossSupreme Court of Pennsylvania · 1871
- Rouse, Hazard & Co. v. Detroit Cycle Co.Michigan Supreme Court · 1896
- Furlong v. JohnstonAppellate Division of the Supreme Court of the State of New York · 1924
- Hewitt Rubber Co. v. CommissionerUnited States Board of Tax Appeals · 1925
- Wright v. PaigeNew York Supreme Court · 1862
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