Reports of Cases Heard and Determined in the Appellate Division of the Supreme Court of the State of New York (Volume 73) (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. 1902. Excerpt: ... BILLS AND NOTES--Continued. son of any advances now made by it, or which may hereafter be made by it, to the Union Investment Company, or by reason of any paper now discounted, or which may hereafter be discounted, by said bank for said company." Thereafter, under date of March 25,1895. the investment company executed to the bank a note for 50,000, payable on demand, with interest, and shortly thereafter the president of the bank died, his will being admitted to probate April 12, 1895. May 25, 1896, the bank served upon the executors of the deceased president a proof of claim, including the note in question, and on two occasions, one in 1897 and the other in 1898, one of the executors of the deceased president made an examination of the affairs of the bank and saw the note and guaranty. October 20, 1899, after 55,000 had been paid upon the principal of the note, the Union Bank sold and assigned the note and guaranty to the Central Bank of Rochester. Interest upon the note was paid semi-annually down to July, 1900. No demand for the payment of the note was ever made until shortly prior to January, 1901, at which time the Central Bank brought an action to recover upon the note. In that action a judgment was obtained against the investment company and an execution issued thereon, which was returned unsatisfied. In an action thereafter brought by the Central Bank to recover upon the guaranty it appeared that, when the investment company was organized, it was understood that it " was to have all the time necessary to dispose of the real estate to the best advantage, and after it was disposed bf the proceeds were to be applied upon these notes held by the bank; that is. the Investment Company was to pay its indebtedness to the bank." There was no evidence...