Lindsay v. Jackson & McJimpsey
New York Court of Chancery
This was an appeal from a decision of the vice chancellor of the first circuit. In May, 1831, the complainants gave to the defendants two negotiable promissory notes, for the sum of about $1500 each, payable in six months, without interest. About the same time the defendants became indebted to the complainants, on an acceptance for $4000, payable on the 13th of June. A few days before this acceptance became due, the defendants became insolvent, and stopped payment.
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This was an appeal from a decision of the vice chancellor of the first circuit. In May, 1831, the complainants gave to the defendants two negotiable promissory notes, for the sum of about $1500 each, payable in six months, without interest. About the same time the defendants became indebted to the complainants, on an acceptance for $4000, payable on the 13th of June. A few days before this acceptance became due, the defendants became insolvent, and stopped payment. In July, 1831, the complainants filed their bill in this cause to restrain the defendants from negotiating or transferring the…
1Opinion of the Court
The Chancellor.
There is a natural equity that cross demands should be off-set against each other; and that the balance only should be recovered. This was the rule of the civil law, and it is now adopted and preserved as the law of those countries, where the principles of the civil law prevail. *582(Code Nap. lib. 3, tit. 3, § 4. Institutes of Law of Spain, lib. 2, tit. II, ch. 2, § 6. Van Der Linden’s Inst, of Law of Holland, lib. 1, ch. 18, § 4. 2 Bell’s Com. on Law of Scotland) cj1- ^ § 2, p. 124.) By the common law of England, however, this natural equity was not allowed or enforced in the…
2Cited by87 opinions
- North Chicago Rolling Mill Co. v. St. Louis Ore & Steel Co.Supreme Court of the United States · 1894
- Gillespie v. . TorranceNew York Court of Appeals · 1862
- Rothschild v. . MackNew York Court of Appeals · 1889
- Trustees of the German Lutheran Evangelical St. Matthew's Congregation v. HeiseCourt of Appeals of Maryland · 1876
- Fera v. . WickhamNew York Court of Appeals · 1892
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