McMaster's Commercial Decisions Affecting the Banker and Merchant; From the Decisions of the Highest Courts of the Several States Volume 18

McMaster's Commercial Decisions Affecting the Banker and Merchant; From the Decisions of the Highest Courts of the Several States Volume 18

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1915 edition. Excerpt: ... to its very existence and validity as a contract. Daniel on Negotiable Instruments (6th Ed ) 68a, 81b "As a general rule a negotiable promissory note, like any other written instrument, has no legal inception or valid existence as such until it has been delivered in accordance with the purpose and intention of the parties." McCormick Harvester Co. v. Falkner, 7 S. D. 363, 366, 64 N. W. 163, 58 Am. St. Rep. 839; sections 5891 and 6901, Compiled Laws 1913; Sargent v. Cooley, 12 N. D. 1, 94 N. W. 576. It may therefore be established by parol that the instrument was delivered conditionally, to take effect only upon the happening of a certain event, and that the condition upon which it was to become operative never occurred. In discussing this matter, the Supreme Court of the United States, in the case of Ware v. Allen, 128 U. S. 590, 9 Sup. Ct. 174, 32 L. Ed. 563, said: "We are of opinion that this evidence shows that the contract upon which this suit is brought never went into effect; that the condition upon which it was to become operative never occurred; and that it is not a question of contradicting or varying a written instrument by parol testimony, but that it is one of that class of cases, well recognized in the law, by which an instrument, whether delivered to a third person as an escrow or to the obligee in it, is made to depend, as to its going into operation, upon events to occur or to be ascertained thereafter. The present case is almost identical in its circumstances with that of Pym. v. Campbell, in the Court of Queen's Bench, 6 El. & Bl. 370. The defendants in that case had signed an agreement for the purchase of an interest in an invention, which the evidence showed was executed with...show more

Product details

  • Paperback | 272 pages
  • 189 x 246 x 14mm | 490g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236868684
  • 9781236868688