Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-06-20
THE RICHMOND DIspArUH-sUNDAY JUNE 20. 1897.
1sl Mass. 153. Plaintiff In this case was
neither ignorant nor inexperienced.
NO JURISDICTION.


Im Mass. 1888. Plaintiff In this case was
neither ignorant nor inexperienced
no JURISDICTION.
Merchant VS.. Healy. &c. Dismissed.
Opinion by Buchanan, J.
The amount involved Is tho difference
between the debt asserted In the lower
court and the amount paid upon It by
sales OF land made in that court. Being
less than $3.50, though no objection was
made by appellecs. the appeal was
improvfdently awarded.
ENDORSER'S LIABILITY-COLLAT
RAIL.
Bacons Administrator VS.. Bacon's Trus-
tees Affirmed. Opinion By Buchanan
j. Absent, Cardvell, j.
Bacon, endorser OF eleven negotiable
notes. aggregating s2s,5oo. drawn by the
Marshall Manufacturing Company. and
held by the State Bank. he being presi-
dent OF both institutions. died August n.
1851 Nine are payable ION call after
date" one ION call" and one ION demand
after date" All are negotiable and pay
able at the bank to John l.. Bacon. The
notes were presented to the maker De-
cember O. 1889. for payment and p!otesteu,
and notice given to Bacon's personal rep
resentatiye. The Chanccry Court OF ken,
mond held that payment was demanaea
in reasonable time. apd decreed against
the estate Of the eDdorser, and appear
taken. 49,
Held: A note or bond payable on de
mand' or ION CALI Is payable az once,
and interest and the statute or limitations
commence 10 run from its date. Ii must
be presented for payment In reason.
able time" which the author or one OF
the latest and best textbooks on the SUD
ject says Is riddle which is difhcuit 70
Ixaf 4 lnCtS..
Reasonable time seems to depend upon
the circumstances of the particular cases,
and In this case the decree or tue trlai
court is sustained. In order that surety
or endorser be discharged for indulgence
given to the principal debtor II must pe
shown among other things, that tnere
was an agreement or promise, upon d
valid consideration. to indulge the primer
pal for some definite time. or. AZ least'
for a time not altogether indefinite, Al
cock VS. Hill, 4 Leigh. 622; Dahlel OH
Nego. Insts. section 1873.
9 Appellants insist that any sum stand
ing TO the credit OF the company tns
maker) when the notes were protesteu,
and an amount equal TO the largest SUM
10 the credit Of the company at any SUD
sequent time. should be credited on inc
notes as 10 the endorser' estate
There is conflict of authority az 10 tne
dutv Of bank to charge up note 10
the maker as II II were check upon tle
deposit but nearly all agree II we "
bank is not required to appropriate tnc
deposit nor to appropriate Subsequent ue-
poslts 10 it's payment.
Bacon had deposited In the pank slA'y
three shares OF bank stock standing III
his name as collateral to secure note Oh
the company FOR $1,000 This note was re-
nowed from time 10 time, and hnaiiy pau ~
off The stock was allowed 10 remain
with the bank in it's collateral box lie
afterwards borrowed on his own accoun,,
and deposited other collateral The panh
seems TO have treated the Sky IN, 80 80
shares OF Racons stock as collaterai ior
anv Indebtedness OF the company upon
which he was endorser or when hau
been negotiated by him for the company ;
which appears 10 have been haDt oA
the banks Of the city I'm similar cases;
! Bacon knew OF this custom. ana ae's .o
on n as president OF the bank as 70
Others. The trial court held mat tn, IN,
slxty-three shares could be held as COZ
lateral for these notes IN suit, anu 80 "a
creed. though It's commissioner repoiteu
otherwise. 49,, ., q,
Where securities are pledged to a
banker for a particular loan, he mas ITO
lien on them for general balance or l1i
the payment Of other Claims IN the ~
serce of an agreement 10 that erect
ioyd VS.. Lynchburg Nat. Bank, % va
6s0 Keynes vs.. Dumont, 13o L. >. oSf. -
The court is equally divided whether tne
facts and circumstances III 'hls g ESQ, 3
; such an implied agreement by Bacon "a, as
! would authorize the bank 10 hoid NJ
stock as collateral for the notes in SUIT
and the decree below must stand.
insurance Company of North America VS..
Gamble q Co. Affirmed. opinion by
Harrison, j.. Keith, p, and Buchanan
The insurance company, owning 4 lot
of damaged cotton left by steamer NAT
! tadi. in Norfolk. sent from PnlIaqell Nd
! January -. 100, TINS teiSsiai =" I'''''
VI "o ore about $500 for cotton:
Would YOU recommend selling whole lot
| for $3.50? IL SO, Will accept thdt pfioo'
HY'ai Sde sr'o sfowed telegram TO Gamble.
| and urged him to buy at A,5Op, ana ne
agreed to DO so. Lander; the same u 4aS
tSlegraphed: Have sod cotton, si.yV,
subiect your confirmation. l appr9y,e
sale" This telegram reached Philadel-
! nhia AFTER business hours on Saturudy,
and no reply t Moa6bo oier "o orers $3.50
for Mattadi cotton" Before recept, 1l mi titI
message the company wired him: "Matta1i,
! sale damaged cotton for s4,o0 approved.
Lander withheld from Gamble ms ms , Ter
| prar1 until he could hear from the iater
| ofSer The reply came same date: II no :
| closed with Gamble. accept cash oiter OF
| Dolier for $780, and he thereupoH ue-
| iivered cotton TO Doiier, Informing ,Ianl-
| he that the sale had been made IN
! Philadelphia. without his knowledge, anu anu
| wired his principal, same iate: a IlSsgq
sold cotton 20 Dolier haoh conn .tl ~ -
sale to Gamble. who is nov d.ssa'i'nea .
| Gamble brought suit, and got verdict
J and judgment FOR damages for failure 10
. leliyer the cotton.
1 He'd: Telegram No. conferred -y upon
| ander full authority to sell Tor N5g' II
| a Snnroved which he exhibited 10 Lam
| Ter. and offered him the cotton at That
| Sriice. Gamble accepted the offer, un ssii
| Jitionally. and Lander advised his princl-
| al ~ the sale. The words subject your
| 3ondrmatlon" were inserted after the
| sale' ne nreferring 20 have his authority
| reaffirmed. II was not the understanding
! OF the parties that those words shoui9
| o,,a;ify Eembie's rights. which were fixed
| immodiafey uDon his acceptance Of La =
| der's offer. In the light Of the evidence,
| confirmation OF the sale by the insurance
COMPANY was not necessary. Lander had
| mil authority 10 make the sale, made IL,