National Bank v. Lindsay

Citations

• 25 Del. 83
• 2 Boyce 83
• 78 A. 407
• 1910 Del. LEXIS 76

Syllabus

<p>1. Bills and Notes — Indorser’s Liability — Demand.</p> <p>Where recourse is had to the indorser of a bill or note, there must be in general an averment and proof of demand of payment at the place specified therefor.</p> <p>2. Bills and Notes — Liability of Indorser — Nature and Character.</p> <p>An undertaking of an indorser is not general, like that of a maker of a note or the acceptor of a bill, but is conditional on the use of due diligence against the maker or acceptor, in which case only, if payment has not been received, the indorser becomes liable.</p> <p>3. Bills and Notes — Action Against Indorser — Facts Excusing Delay in Presentment — Necessity of Pleading.</p> <p>Where a declaration against the indorser of a demand note alleged the making and indorsement thereof at plaintiff’s bank on November 2, 1903, and the presentment of the note for payment at the place designated for payment, and demand on February 19, 1906, the declaration was not demurrable for failure to allege additional facts excusing the delay; such facts being provable without being alleged.</p> <p>4. Bills and Notes — Indorsement—Reissue by Maker — Demand Paper — Assumption of Payment.</p> <p>A demand note, having been indorsed by the payee, was returned to the maker, and by him reindorsed and delivered to plaintiff bank for discount on the day of its date, and was discounted by the bank at the maker’s request. Held, that such subsequent reissuance by the maker did not release the payee from liability as indorser, or raise any presumption that the note was paid or reissued.</p>