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39 Barb. 163

Gould v. Ellery

New York Supreme Court

Decided February 2, 1863

New York Supreme Court · decided 1863-02-02

H the 28th February, 1861, the firm of T. S. Powell & Co. of Hew Orleans, made and delivered to the firm 'of Eushmore, Cone & Co. of Hew York, their note, dated on that day, for $1784.61, payable to the order of the latter firm, eight months after date.

Cited by 2 later decisions — most recently March 1923

2 state decisions

Relies on Langdon v. Buel

Good law ✅— No negative treatment on recordhow we know

Decided 1863-02-02

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¶1By the Court,

Ingraham, J.

¶2I think there can he no doubt that title to the guaranty would pass by delivery with the note, for a good consideration, and t-liat a written assignment was unnecessary. This has been held as to a bond and mortgage. (Runyan v. Mersereau, 11 John. 534. Prescott v. Hull, 17 id. 284.)

¶3It is also settled that the transfer of the original debt or claim, and delivery with it of the security, carried with it the title to the security, without any written assignment. (Green v. Hart, 1 John. 580. Langdon v. Buel, 9 Wend. 80. Parmelee v. Dann, 23 Bart. 461.)

¶4The evidence showed the transfer of the note and guaranty to the plaintiff. The defendant did not in his answer allege any payment' of the debt. The presumption was that the note still remained unpaid. Ho objection was made to the non-production of the note, on the trial, and the defendants cannot now raise it on appeal.

¶5The evidence shows that the plaintiff paid the amount of the indebtedness, and the witness transferred to the plaintiff the note and guaranty. This is not any payment of the debt of which the defendants could avail themselves without setting up the defense of payment in their answer. It is evident these defenses were not relied on .upon the trial. The case was tried on the defense that the guaranty'had not been transferred, or was not assignable. On this question the ruling was proper, and the judgment should be affirmed with costs.

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