Court of Appeals of the State of New York Vol. 1 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1894 edition. Excerpt: ...I cannot fix that. My recollection was that I told the directors, whether it was at a meeting or not, that I desired to be secured. Q. You cannot recollect that whether whatyou told the directors was to them individually as you met them, or at a meeting? A. /Vell, I sppose it was at an informal meeting, not at a regular meeting. Q. There is no entry on the minutes of any such ll transaction? A. I think not; at least, that is my 1801 impression. Q. Now, can you tell how you arrived at the price? A. N o, sir; I suppose the price was nominal. I supposed the price was nominal because I told these gentlemen at the time, that all I desired was to be secured in my endorsements and money that I had loaned the company, and that when I got my money, I had no further claim, and whatever was left would be returned to the company. Q. Then you would l1ave us understand that you informed the directors that this transaction was substantially a mortgage or a pledge of these assets to you as security; is that it? A. No; I1802 think they were told it was a sale. Q. If it was a sale, how could the company derive any benefit from that after you had realized from them the amount that was owing to you? A. Yell. I don t know, unless they would take my word for it. Q. Then you mean to say that it was a mere voluntary suggestion or statement on your part, and not a part of the bargain? A. It was a statement; Q. It was not a part of the bargain? A. I can t say that. Q. You were one of the bargainors; I don t know who could tell, if you can t? A. I intended it to be a part of the bargain. Q. Weren t you one of the parties to the transaction? A. These assets were turned over to me at that price, at that nominal price. Q. You were one of...