Sheedy v. Streeter
Sheedy v. Streeter
Opinion of the Court
The petition charges that, on the 28th day of August, 1871, one R. S. Miller made his promissory note to the order of James Streeter, S. M. Strickler and A. W. Callen, for the sum of $5,000, payable in sixty days from the date thereof; that afterwards, for a valuable consideration, said Streeter, Strickler and Callen indorsed and delivered said note to Eph. Warner, and he to J. R. McClure, who in turn, for a valuable consideration, indorsed and delivered the same to the plaintiff, Dennis Sheedy. It charges Streeter with a liability on said note as a commercial indorser. Streeter, in answer, alleges that he did not indorse said note for value; that he was a mere accommodation indorser thereon ; and that to induce him to indorse his name on said note Sheedy represented to him that he (Sheedy) had in his possession $12,000 or $18,000 worth of securities belonging to Miller with which to secure said debt, and which, in case said Miller failed to pay the note
On the trial of the cause plaintiff obtained judgment and defendant’s motion for a new trial being overruled, he brings the case here by writ of error. The principal errors assigned are that the court erred in refusing proper, and giving improper instructions, and in rejecting evidence offered by defendant. The instructions given on behalf of plaintiff'and objected to, are as follows: 2. “It is admitted that R. S. Miller executed the note sued on to Strickler, Streeter and Callen, and that they indorsed the same, together with Warner and McClure, and that the same was delivered to the plaintiff, and if the jury believe from the testimony that said note on the 30th day of October, 1871, was delivered by the plaintiff to G. B. Buy, a notary public, for the purpose of demanding payment of the same from said Miller, and that on that day the banking house of R. S. Miller was closed, and that said notary did demand payment of R. S. Miller, which payment was refused, and that defendant, James Streeter, had notice of the non-payment and protest of said note, as testified to by G. B. Buy, then you should find for the plaintiff, unless you shall, from all the evidence, believe that defendant indorsed said note for the accommodation of said Miller, and that plaintiff agreed with defendant that he (plaintiff) would, in case Miller failed to pay the said note when the same became due, deliver to said defendant the alleged collaterals, and that plaintiff' failed to deliver such collaterals to the defendant, and defendant did not get such collaterals.”
The instructions asked by defendant and refused, which we deem material to consider, are as follows: 5. “If the proof in this ease shows the defendant indorsed the note
8 “ If the jury believe from the evidence that the plaintiff stated- to the defendant that he held notes and mortgages of R. S. Miller, the maker of the note sued on, which he (Sheedy) agreed to turn over and transfer to the said defendant to indemnify him for his indorsement in the event of Miller’s failure to pay the note sued upon, when it became due; and if, before said note became due, Miller .made an assignment of his property under the insolvent laws of the State of Kansas, for the benefit of his creditors; and if the assignees found as part of his assets the notes and mortgages, or any portion thereof, assigned and delivered to them, which Sheedy stated at the time of defendant’s indorsement of the note he held, and would turn over to defendant, as before stated, the assignees have no legal right to withdraw such notes and mortgages from the estate of Miller, and use them for the purpose of indemnifying or protecting the defendant on his indorsement of the note sued upon.”
Tinder the second instruction given for plaintiff, if the jury believed that the collaterals were received by defendant as one of the assignees in the voluntary assignment made by Miller for the benefit of all his creditors, they were authorized by it to find for plaintiff', notwithstanding they might also have believed that plaintiff' agreed with defendant that he (plaintiff) would, in case Miller failed to pay the note when it became due, deliver to defendant the collaterals, and that plaintiff had failed and refused to deliver them according to such agreement. The vice of the second instruction consists in the following words at the close of it, “ and defendant did not get such collaterals.” If the facts were, as the evidence tends to show, that Sheedy, the plaintiff’, in violation of his agreement with defendant to deliver to him the said collaterals in the event of Miller’s failure to pay, delivered the said collaterals to Miller, and that they subsequently came into the possession of defendant by virtue of the deed of assignment made by
Judgment reversed and cause remanded,
Reference
- Full Case Name
- Sheedy v. Streeter, in Error
- Cited By
- 1 case
- Status
- Published