Lawrence v. . Maxwell
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court in the first judicial department, affirming a judgment in favor of plaintiff entered upon a verdict. (Reported below, 6 Lans., 469; 64 id., 102.) .This action was for the alleged conversion of certificates for 400 shares of Atlantic Mail Steamship Company’s stock. The defendant was a gold and stock broker in the city of New York.
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Appeal from judgment of the General Term of the Supreme Court in the first judicial department, affirming a judgment in favor of plaintiff entered upon a verdict. (Reported below, 6 Lans., 469; 64 id., 102.) .This action was for the alleged conversion of certificates for 400 shares of Atlantic Mail Steamship Company’s stock. The defendant was a gold and stock broker in the city of New York. The stock in question was deposited on the 21st December, 1866, with defendant by plaintiff' as security against any loss which the former might sustain on purchases and sales of gold, to he made on…
1Opinion of the CourtAllen, J.
The counsel for the appellant does not controvert the elementary principle that custom or usage cannot avail to vary or alter the terms of an agreement as made, or its legal effect. Evidence may be given of a custom or usage in explanation and application of particular words ór phrases, and to aid in the interpretation of the contract, but not to derogate from the rights of the parties, or to import into the contract new terms and conditions, or vary the legal effect of the transaction. (Markham v. Jaudon, 41 N. Y., 235; Walls v. Bailey, 49 id., 464.) The deposit of the stock certificates was…
2Cases cited2 opinions
- Kortright v. . CadyNew York Court of Appeals · 1860
- Markham v. . JaudonNew York Court of Appeals · 1869
3Cited by33 opinions
- Provost v. United StatesSupreme Court of the United States · 1926
- Loughborough v. McNevinCalifornia Supreme Court · 1887
- Kittredge v. GrannisNew York Court of Appeals · 1926
- Field v. SibleyAppellate Division of the Supreme Court of the State of New York · 1902
- Turner v. SchwarzCourt of Appeals of Maryland · 1922
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