Transcript Appeals the File of Opinion in Cases Argued Before the Court of Appeals of the State of New York Volume 4 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated.1907 Excerpt: ... Opinion by Parker, J. THE PRESIDENT, DIRECTORS AND COMPANY OF THE WESTFIELD BANK, Respondents, V. PETER P. CORNEN, Appellant. Principal and Agent--Corporation--Director--Notice. Wherever the very act of the agent is authorized by the terms of the power, and the act is in itself warranted by the terms used, such act is binding on the principal as to all persons dealing in good faith with the agent. In such case the apparent authority is the real authority. Notice to a director of a bank that a note discounted by the bank is an accommodation note, is notice to the bank only in cases where the director was acting as the agent of the bank at the time of the notice. It is upon the principle that the agent stands in the stead of the principal only while acting as his agent. Parker, J.--The action is brought upon a promissory note for $3,000, purporting to have been made by the Defendant, by his attorney, H. A. Bartlett, dated 18th September, 1860, payable three months from date, to the order of Carson & Hard, and by them endorsed to Jessup & Laflin, who endorsed it to the Plaintiffs. It appeared upon the trial that Bartlett, who made the note in the Defendant's name, was his attorney in fact, for him in his name, place, and stead, to sign all notes and checks, and accept all drafts, in conducting his business, as then prosecuted by him in the city of New York; that the note was, at the request of Jessup & Laflin, discounted by the Plaintiffs before maturity, in the usual course of business, for the benefit of Carson & Hard. Banks--Knowledge of officers. 82 N. Y. 308; 111 N. Y. 457 (19 St. Rep. 133); 18 Hun, 141, 315; 23 Hun, 503; 65 App. Div. 213 (73 N. Y. Supp. 533); 4 Daly, 312. Lloyd's insurance--Change in personnel--Effect. 21 Misc. 290 (47 N. Y. Supp. 201; 4...