South Western Rail Road Bank v. Douglas

Citations

• 29 S.C.L. 329

Syllabus

<p>1. Assumpsit on a note against the maker and indorsers, which had been discounted by the plaintiffs, and at maturity protested for non-payment against both. The making and indorsement of the note, the demand, notice of non-payment, and the jurisdiction of the court, were admitted. The maker filed a discount for the value of twenty-nine shares in the Charleston, L. and C. R R Company, and the corresponding number in the bank of plaintiffs, which had been pledged by him with them as security for the payment of the note in suit, and some others of his notes discounted with plaintiffs. The proof was, that on these shares, he had paid two bank instalments, equal to twenty-five dollars on each, and on each of them fifty-five dollars to the Road, to wit: eighty dollars on each share in the Road and Bank; but there was still due and payable, at the time the shares were deposited, twenty dollars on each share to the road. The scrip was left with the Bank, on which was indorsed a blank power of transfer, signed in blank by the maker of the note. There was no agreement that the Bank should pay the remaining instalments. Before the forfeiture of the stock, the maker of the note addressed a letter to the board, saying he had not means to pay the remaining instalments, but if the board would give up the scrip, he had a friend who would take- his stock and pay the balance in arrear. But the Bank proposed to lend the maker the twenty dollars on each share, if he would sign a stock note, which was refused. The note fell due on the 15th March, 1842, and the stock became forfeited on the 1st April succeeding. There were no instructions by the maker of the note, to sell any stofk. When the note fell payable, much of the stock on which all the instalments were paid, sold at from twenty to twenty-five dollars per share. The jury rendered a verdict for the defendant, giving him the benefit to the extent of his payments on his stock, estimating each share at its then value, but creditin