Bank of Vergennes v. Cameron
New York Supreme Court
Motion for a new trial. This was an action of assumpsit, tried at the Rensselaer circuit, in November, 1846, before Parker, circuit judge. The plaintiffs gave in evidence a draft for $1000, dated Troy, July 2, 1845, drawn by Peter Comstock, upon Allen Comstock, Burlington, Vt., payable twenty-five days after date to the order of Baker & Cameron, by whom it was indorsed. The draft was accepted payable at the Bank of Burlington. Cameron alone defended the suit.
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Motion for a new trial. This was an action of assumpsit, tried at the Rensselaer circuit, in November, 1846, before Parker, circuit judge. The plaintiffs gave in evidence a draft for $1000, dated Troy, July 2, 1845, drawn by Peter Comstock, upon Allen Comstock, Burlington, Vt., payable twenty-five days after date to the order of Baker & Cameron, by whom it was indorsed. The draft was accepted payable at the Bank of Burlington. Cameron alone defended the suit. It was proved, upon the trial, that at the time the draft was made, Baker and Cameron were partners in the grocery business in the city…
1Opinion of the Court
By the Court, Harris, J.
To fix the liability of an indorser of an accepted bill, it is necessary that the holder should, at the proper time, present it to the acceptor, or at the place of payment, and demand its payment. Presentment and demand, as well as due notice of non-payment, are conditions precedent to the liability of the drawer and indorser. The acceptor has a right to see the bill before he determines whether lie will pay it or not; and if he pays it, he has a right to have it delivered to him as a voucher in his settlement with the drawer. (Chitty on Bills, 7th Am. ed. 216. Story…
2Cases cited2 opinions
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