Baring v. Lyman
U.S. Circuit Court for the District of Massachusetts
At law. Assumpsit [by Francis Baring and others, comprising the firm of Baring Bros. & Co., against Theodore Lyman, as executor of T. Lyman, deceased] for the recovery of money, viz., five hundred pounds sterling, claimed as due to the plaintiffs for commissions, at the rate of two per centum, upon twenty-five thousand pounds, alleged to have been drawn for by Robert B. Forbes, in bills upon them, under a letter of credit, given by them to the defendant’s testator, dated 7th…
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At law. Assumpsit [by Francis Baring and others, comprising the firm of Baring Bros. & Co., against Theodore Lyman, as executor of T. Lyman, deceased] for the recovery of money, viz., five hundred pounds sterling, claimed as due to the plaintiffs for commissions, at the rate of two per centum, upon twenty-five thousand pounds, alleged to have been drawn for by Robert B. Forbes, in bills upon them, under a letter of credit, given by them to the defendant’s testator, dated 7th of June, 1838. By that letter, Forbes was authorized to value upon them to that amount, at six months’ sight at Canton,…
1Opinion of the Court
STORY, Circuit Justice.
The first question naturally arising in this cause, is, as to the true construction of the circular of the plaintiffs, of the 1st of January, 1838, with reference to which the letter of credit in the present case was given and accepted by the testator, Lyman. By that circular, Messrs. Baring & Co. expressly stated, that “the banking commission on credits or bills, used east of the Cape of Good Hope (is) to be two per cent.” The question is, what is to be deemed in the sense of this circular a use of the bill of credit? Is it the mere drawing of any bill under the letter…
2Cases cited1 opinion
- Platt v. DrakeMichigan Supreme Court · 1844
3Cited by2 opinions
- King v. . SarriaNew York Court of Appeals · 1877
- Mulert v. National Bank of TarentumCourt of Appeals for the Third Circuit · 1913