Life & Fire Insurance v. Mechanic Fire Insurance
New York Supreme Court
This was an action of assumpsit, tried at the New-York circuit in May, 1829, before the Hon. Ogden Edwards, one of the circuit judges. The counsel for the plaintiffs, in opening this cause, stated that the plaintiffs’ claim was principally for money lent by the plaintiffs to the defendants, and for money had and received by the defendants to the plaintiffs’use.
Read the full summary
This was an action of assumpsit, tried at the New-York circuit in May, 1829, before the Hon. Ogden Edwards, one of the circuit judges. The counsel for the plaintiffs, in opening this cause, stated that the plaintiffs’ claim was principally for money lent by the plaintiffs to the defendants, and for money had and received by the defendants to the plaintiffs’use. The counsel for the defendants objected that the parties, by their charters, had not power to engage in transactions of the kind> and that consequently such transactions being illegal, the plaintiffs were not entitled to recover money…
1Opinion of the Court
By the Court,
Sutherland, J.
This case comes before the court upon exceptions taken by the plaintiffs to the charge of the judge. I think the charge was substantially correct. It was incumbent upon the plaintiffs to give some evidence of the authority of Mr. Franklin to borrow money for the defendants. Such authority is not implied from his appointment as president; as such, he is merely the presiding officer of the board of directors, chosen by them from their own body, and has no more authority from the charter to bind the company by any of his acts, than any other director has ; his powers…
2Cases cited1 opinion
- Beach v. President of the Fulton BankCourt for the Trial of Impeachments and Correction of Errors · 1829
3Cited by60 opinions
- Bissell v. Michigan Southern & Northern Indiana Railroad CompaniesNew York Court of Appeals · 1860
- New York & New Haven Railroad v. SchuylerNew York Court of Appeals · 1865
- N.Y. N.H.R.R. Co. v. . SchuylerNew York Court of Appeals · 1865
- First Nat. Bank v. . Ocean Nat. BankNew York Court of Appeals · 1875
- City Council of Montgomery v. Gilmer & TaylorSupreme Court of Alabama · 1858
55 more not listed; retrieve them via the Exa API.