The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-04-29
superior Court.
Before Chief Justice Jones,

APRIL % Henry Yates and others, vs.. Daniel z. Tyiee.
The plaintiffs loaned to the North American Trust
Company, on the aah January, ls4l, upwards Of 500 600
in cash. for which they took the post notes of the com.
pany as secxrity, guaranteed by notes Of individuals,
amongst which notes was one given by defendant,
amounting to s., 900, to recover which the present &C.
ton is brought. Mr.. Tylee was enjoying the Office Of
Cashier Of the Savings Bank in Chambers street, but was
aliured by some powerful motive to resign that, and &C.
cep,, at q salary of 50 600 per annum, the office of second
Cashier of the North American Trust Company. He be-
came a prominent member OF the company, and gave his
property, to the extent of 100000, on bond and mortgage.
To pay the interes: due on such, on the oh May, 1870,
the present note was given. In 1898, Mr.. Van Setback,
the Vice President Of the company, resigned his situa
ton, and the duties Of his Office were placed, in addition
to what he already had, upon the shoulders Of Mr..
Tylee. His salary as Cashier he regularly received,
but nothing for the additional duty Of Vice Presi:
dent EN-, and he nowclsims pay for such in the sum Of
a portion Of which he sets up as an Offset to this note.
The most important witness was Mr.. George D. Strong,
stockholders in the North American Trust Co. In rela-
ton to the salary charged by Mr.. Tylec, he stated that
some cfthe cashiers in Wall street get $4,000 per annum,
and that Mr.. Us financial abilities were equal to the
best. The FIRST year Of the North Am. Trust Co. being
organized, the demand for stock was very great, and
offers made for it to the extent of between tw enty and
thirty millions ofdcllars. Mr.. Tylee had a great deal
Of business TO conduct, (hie real estate department. being
confded to bim) until to wards the close, when there was
little or nothing to 20. In relation to the defence how
ever, it appears that Mr.. Tyleo was aware OF the nego-
citation for cash, and Of bis note (Which has become duel
being amepg those pledged as guarantee. hehaving been
present in the com mittec room when the bargain was
made, and certified, o. an Officer of the bank, to the sche-
uAe Coutdinin6 y. mere me court remarked, was MS
time to set up a claim as offsst. His allowing it to pass
to third hands for a consideration, without offering any
objection. debarred him from doing 80 now. For the
defence, also, it was contendsd that the issuing of post
notes by the company was illegal, they did so, in all, to
the amount Of $500 OO0] and that, therefore, the transfer
Yves not valid. This the Court overruled. The post.
notes issued were merely evidences of debt on time,
which the company had a right 70 make use Of After
the transfer, Mi. Tylee made a claim for salary az Vice.
President, and a committee of the company reported in
favor Of granting him $1,000 a Year for two years. max
ing his salary in that time 5000 This $1,000 the Court
considered all he had a right to ask, even if his Offset
were valid. Exceptions have been presented, however,
as to points oflaw, which will probably have to be pass.
ed upon by a full Court. The Jury gave q verdict for
plaintnhs for $246s, being principal and interest Of the
note.
For plaintiffs, Mr.. Noyes. Mr.. cowlss and Mr.. Daily